BIsB move to curb money laundering

MANAMA: Bahrain Islamic Bank (BIsB) conducted special sessions aimed at preventing money laundering.

The sessions were held in co-ordination with the Bahrain Financial Services Training Centre (BFST).

The bank's human resources and services assistant general manager Abdul Aziz Ashoor said these special sessions show the bank's keenness to combat money laundering and promote Sharia-compliant transactions.

Mr Ashoor said the sessions included presentations on money laundering, the due diligence required to quickly discover such operations and how to understand your customers and business partners and their sources of income.

The sessions also covered reporting of suspected dealings and how laundered money is used in financing various terrorist activities.

"It is recognised worldwide that banks must take every possible action to prevent and report such activities. Our bank's staffs are well trained on how to handle suspects and on how to subject financial systems to Sharia rules and regulations," he said. "In Bahrain, we are fully aware of the illegal processes taking place worldwide. Under the policy of the Central Bank of Bahrain, all banks are required to provide training on anti money laundering to all their staff members."

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