Middle Eastern Bank speaks about AML
Money laundering worldwide is estimated at USD 1.5 trillion. According to Bahrain Tribune, a senior banker said that money laundering is a serious challenge to the financial institutions in the region and it is difficult for them to take all possible measures in order to keep the businesses clean.
Senior executive group corporate governance at al khaliji, Niall Coburn, said that Know Your Customer principle is continueing to be the cornerstone of anti-money laundering. According to him, corporate governance and international best practices are to assist the financial institutions with developing and advancing areas of businesses. He said that al khaliji is a next generation bank that is implementing international best practice standards to prevent itself from dirty money issues.
Mr. Coburn said that “As part of implementing this goal by adopting international best practice, al khaliji is one of the endorsement partners of Complinet 2nd GCC regulators’ Summit†that was held in Bahrain on February 19 and 20.
Coburn, as a moderator, explained and discussed the financial reliance on banks for long-term infrastructure development and the pressure to expand and consolidate. He also discussed such issues as the growth of Islamic Banking and compliance and corporate standards.