In cooperation with the Financial Intelligence National Centre of the Ministry of Interior
Al Baraka Islamic Bank, one of the leading Islamic banks in the Kingdom of Bahrain, recently organised an awareness lecture for employees of Al Baraka Islamic Bank and Al Baraka Group and on the risks of financial crimes, money laundering and terrorist financing, in cooperation with the Financial Intelligence National Centre (FINC) of the Ministry of Interior.
The lecture was held as part of the Bank’s ongoing commitment to spreading awareness, strengthening the culture of compliance and combating financial crimes. It highlighted mechanisms for preventing such crimes and ways to combat them in accordance with internationally recognised best practices and standards, thereby enhancing the readiness of institutional teams to address such risks efficiently and responsibly.
The lecture was organised in line with the Bank’s commitment to fostering an institutional environment based on compliance and professional awareness, while raising employees’ understanding of the importance of their role in supporting the compliance framework and protecting the banking sector from financial risks. This initiative also reflected the Bank’s commitment to continuously developing internal knowledge related to regulatory and supervisory requirements and strengthening its ability to keep pace with rapid developments in the field of combating financial crimes at both the local and international levels.
Additionally, the lecture reviewed a number of important themes related to the nature of financial crimes and their evolving patterns, in addition to highlighting key warning indicators and practices that help mitigate the risks of money laundering and terrorist financing. It also addressed the importance of adhering to approved internal procedures and regulatory policies, as well as the vital role played by financial institutions in supporting national efforts aimed at safeguarding the integrity of the financial system and enhancing its soundness and stability.
On this occasion, Mr Mohammed Ali Al Tamimi, Chief Compliance Officer and Money Laundering Reporting Officer (MLRO) at Al Baraka Islamic Bank, said: “This lecture comes within the framework of Al Baraka Islamic Bank’s commitment to embedding a culture of compliance as an integral part of the institutional working environment and enhancing employees’ awareness of the risks associated with financial crimes, money laundering and terrorist financing. We believe that raising the level of awareness and knowledge among our workforce represents the first line of defence in preventing such risks and a key pillar in supporting the effectiveness of control and compliance systems within the institution.”
He added: “We value the cooperation of the FINC in organising this important lecture, which reflects the complementarity of roles between banking institutions and the relevant national authorities in confronting financial crimes and limiting their impact. We also reaffirm our commitment at Al Baraka Islamic Bank to continue investing in awareness and training initiatives that enhance sound professional practices and support efforts aimed at protecting the financial and banking sector in the Kingdom of Bahrain in accordance with the highest recognised standards.”
Through its awareness and development programmes, Al Baraka Islamic Bank continues to promote a culture of compliance and transparency and to embed best practices across its various operations, in line with the requirements of regulatory and supervisory authorities and reflecting its institutional approach based on responsibility and commitment.
The Bank is also keen to play an active role in supporting national initiatives related to raising awareness of financial risks, stemming from its role as a leading Islamic banking institution that seeks to protect the interests of its customers and enhance the safety and sustainability of the banking sector.
It is worth noting that Al Baraka Islamic Bank is among the leading Islamic banks in the Kingdom of Bahrain. Since its establishment in 1984, the Bank has achieved outstanding results in providing banking services to both individuals and corporates. It has a strong track record of innovation and delivering Shari’a-compliant investment and financing solutions. The Bank also continues to play a pioneering role in supporting social responsibility and sustainability initiatives, maintaining a prominent position among Islamic banking institutions serving customers worldwide.
The lecture was held as part of the Bank’s ongoing commitment to spreading awareness, strengthening the culture of compliance and combating financial crimes. It highlighted mechanisms for preventing such crimes and ways to combat them in accordance with internationally recognised best practices and standards, thereby enhancing the readiness of institutional teams to address such risks efficiently and responsibly.
The lecture was organised in line with the Bank’s commitment to fostering an institutional environment based on compliance and professional awareness, while raising employees’ understanding of the importance of their role in supporting the compliance framework and protecting the banking sector from financial risks. This initiative also reflected the Bank’s commitment to continuously developing internal knowledge related to regulatory and supervisory requirements and strengthening its ability to keep pace with rapid developments in the field of combating financial crimes at both the local and international levels.
Additionally, the lecture reviewed a number of important themes related to the nature of financial crimes and their evolving patterns, in addition to highlighting key warning indicators and practices that help mitigate the risks of money laundering and terrorist financing. It also addressed the importance of adhering to approved internal procedures and regulatory policies, as well as the vital role played by financial institutions in supporting national efforts aimed at safeguarding the integrity of the financial system and enhancing its soundness and stability.
On this occasion, Mr Mohammed Ali Al Tamimi, Chief Compliance Officer and Money Laundering Reporting Officer (MLRO) at Al Baraka Islamic Bank, said: “This lecture comes within the framework of Al Baraka Islamic Bank’s commitment to embedding a culture of compliance as an integral part of the institutional working environment and enhancing employees’ awareness of the risks associated with financial crimes, money laundering and terrorist financing. We believe that raising the level of awareness and knowledge among our workforce represents the first line of defence in preventing such risks and a key pillar in supporting the effectiveness of control and compliance systems within the institution.”
He added: “We value the cooperation of the FINC in organising this important lecture, which reflects the complementarity of roles between banking institutions and the relevant national authorities in confronting financial crimes and limiting their impact. We also reaffirm our commitment at Al Baraka Islamic Bank to continue investing in awareness and training initiatives that enhance sound professional practices and support efforts aimed at protecting the financial and banking sector in the Kingdom of Bahrain in accordance with the highest recognised standards.”
Through its awareness and development programmes, Al Baraka Islamic Bank continues to promote a culture of compliance and transparency and to embed best practices across its various operations, in line with the requirements of regulatory and supervisory authorities and reflecting its institutional approach based on responsibility and commitment.
The Bank is also keen to play an active role in supporting national initiatives related to raising awareness of financial risks, stemming from its role as a leading Islamic banking institution that seeks to protect the interests of its customers and enhance the safety and sustainability of the banking sector.
It is worth noting that Al Baraka Islamic Bank is among the leading Islamic banks in the Kingdom of Bahrain. Since its establishment in 1984, the Bank has achieved outstanding results in providing banking services to both individuals and corporates. It has a strong track record of innovation and delivering Shari’a-compliant investment and financing solutions. The Bank also continues to play a pioneering role in supporting social responsibility and sustainability initiatives, maintaining a prominent position among Islamic banking institutions serving customers worldwide.