Al Baraka Islamic Bank organizes an awareness lecture on the dangers of financial crimes, money laundering and terrorist financing

Al Baraka Islamic Bank, one of the leading Islamic banks in the Kingdom of Bahrain, recently organized an awareness lecture for employees of Al Baraka Islamic Bank and Al Baraka Group, which addressed the risks of financial crimes, money laundering and terrorist financing, in cooperation with the National Center for Financial Investigations of the Ministry of Interior.

The lecture came within the framework of the bank’s ongoing commitment to spreading awareness, enhancing the culture of compliance, and combating financial crimes. It highlighted mechanisms for preventing these crimes and ways to combat them in accordance with the best practices and standards adopted globally, in a way that enhances the readiness of institutional cadres to confront these risks and deal with them efficiently and responsibly.

This lecture was organized in the context of the bank’s keenness to establish an institutional environment based on commitment and professional awareness, and to raise the level of awareness among employees of the importance of their role in supporting the compliance system and protecting the banking sector from financial risks. This initiative also reflected the bank’s interest in continuing to develop internal knowledge related to supervisory and regulatory requirements, and enhancing its ability to keep pace with rapid developments in the field of combating financial crimes at the local and international levels.

The lecture reviewed a number of important topics related to the nature of financial crimes and their changing patterns, in addition to highlighting the most prominent warning indicators and practices that contribute to reducing the risks of money laundering and terrorist financing. It also addressed the importance of adhering to internal procedures and approved supervisory policies and the vital role played by financial institutions in supporting national efforts aimed at protecting the integrity of the financial system and enhancing its integrity and stability.

On this occasion, Mr. Muhammad Ali Al Tamimi, Head of Compliance and Money Laundering Reporting Officer at Al Baraka Islamic Bank, said: “This lecture comes within the framework of Al Baraka Islamic Bank’s keenness to establish a culture of compliance as an integral part of the institutional work environment and to enhance employee awareness of the risks associated with financial crimes, money laundering and terrorist financing. We believe that raising the level of awareness and knowledge among human resources represents the first line of defense in preventing these risks and a basic pillar in supporting the effectiveness of control and compliance systems within the institution.”

He added: “We value the cooperation of the National Center for Financial Investigations in organizing this important lecture, which reflects the complementarity of roles between banking institutions and concerned national authorities in confronting financial crimes and reducing their effects. We also affirm our commitment at Al Baraka Islamic Bank to continue investing in awareness and training initiatives that will 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 approved standards.”

Al Baraka Islamic Bank, through its awareness and development programs, continues to work to enhance the culture of compliance and transparency and establish best practices in its various operations, in line with the requirements of regulatory and supervisory authorities, and reflects its institutional approach based on responsibility and commitment. The bank is also keen to actively contribute to supporting national initiatives related to raising awareness of financial risks, based on 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.

For more information, valued customers can visit the website www.albaraka.bh, follow the bank’s verified page on the Instagram application, or call 13300400.