Bahrain Institute of Banking and Finance (BIBF) said it will soon be introducing a new diploma in anti-money laundering in collaboration with International Compliance Training (ICT) Middle East.

The ICA International Diploma in Anti-Money Laundering is a Central Bank of Bahrain-recommended qualification that will be offered in the kingdom for the first time starting from September.

The new diploma focuses on major issues that impact money laundering prevention within organisations, including reporting suspicious transactions, customer due diligence, and designing of money laundering prevention frameworks.

BIBF recently hosted a briefing session on the new diploma which was conducted by ICT director Maria Kravchevskaya.

"As the global regulatory requirement for better processes, systems, procedures, and controls surrounding money laundering prevention continues to grow, so does the need for fully trained and educated staff," stated Kravchevskaya.

"Regulators are looking to firms to demonstrate that they have the knowledge necessary to minimise the risk of money laundering and financial crimes. The CBB recognises the diploma as being a high-quality programme that provides the detailed knowledge and professional skills needed in this area”, she added.

The CBB’s Training and Competency Framework recommends the qualification to those holding the positions of money laundering reporting officer (MLRO), deputy MLRO and compliance officer.-TradeArabia News Service