Kingdom of Bahrain Anti-Money Laundering (AML)

Objectives

On completion of this tutorial, you will be able to:

  • Identify the purposes, methods and stages of the money laundering process

  • Recognize high-risk transactions and best practices for countering money laundering

  • Describe the roles played by the Kingdom of Bahrain’s regulatory and enforcement agencies as well as international bodies in the fight against money laundering

  • Be aware of your obligations under Bahraini laws and regulations

  • Cite the penalties imposed for non-compliance

  • Describe the challenges involved in recognizing terrorist financing

Tutorial Overview

The need to launder illicit funds is an ongoing problem for criminals. With electronic monetary transactions dominating the day-to-day functioning of the financial system, criminals are inventing increasingly sophisticated means of hiding dirty money. The Financial Action Task Force - a specialist anti-money laundering agency - has put financial institutions and their employees on the frontline of the battle against money laundering.

This course surveys the money laundering situation in the Kingdom of Bahrain and explains the stages and ways in which money is laundered. It describes the best practices and legislation that financial institutions and other designated bodies need to follow to counter money laundering. The course also looks at the problem of terrorist financing..

Prerequisite Knowledge

None

Tutorial Level

Introductory

Tutorial Duration

90 minutes