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Welcome to Banker's Academy

With 30+ years of experience, Banker's Academy is the leading global provider of training solutions to the financial community. We specialize in BSA/AML, Compliance Officer, HR Professional, Teller and Branch Manager Training. We’re proud to have partnered with over 2,500 clients worldwide in various financial services industries, with a focus on banks, credit unions, and money service businesses. Let us help you reach your target audience with an innovative, results-driven educational experience.

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Anti Money Laundering (AML) in Bahrain

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Anti Money Laundering (AML) By Country: Bahrain

Anti-Money Laundering (AML) in Bahrain

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Money laundering continues to be a problem in Bahrain. In 2007, the Anti Money Laundering Unit (AMLU) reported its highest number of Suspicious Transaction Reports (STRs) since its inception.

In January 2001, the Government of Bahrain enacted an Anti-Money Laundering (AML) law that criminalizes the laundering of proceeds derived from any predicate offense. The law stipulates punishment of up to seven years imprisonment and a fine of up to one million Bahraini dinars (BD) for convicted launderers and those aiding or abetting them. If organized criminal affiliation, corruption, or disguise of the origin of proceeds is involved, the minimum penalty is a fine of at least 100,000 dinars and a prison term of not less than five years.

Notably, the AML law allows Bahrain to prosecute a money laundering violation regardless of whether the act is a crime in Bahrain. For example, there is no income tax in Bahrain, yet someone engaging in illicit financial transactions for the purpose of evading another nation’s tax system may be prosecuted for money laundering in Bahrain.

Following enactment of the law, Bahrain Monetary Agency (BMA)—Bahrain’s Central Bank principal financial sector regulator, issued regulations requiring financial institutions to file Suspicious Transaction Reports (STRs), to maintain records for a period of five years, and to provide ready access for law enforcement officials to account information. Immunity from criminal or civil action is given to those who report suspicious transactions. There is no minimum threshold required to file an STR.

In addition, the law provides for the creation of the Anti-Money Laundering Unit (AMLU) as Bahrain’s Financial Intelligence Unit (FIU). The AMLU, which is housed in the Ministry of Interior, is empowered to: receive reports of money laundering offenses, conduct preliminary investigations, implement procedures relating to international cooperation under the provisions of the law, and execute decisions, orders, and decrees issued by the competent courts in offenses related to money laundering. The AMLU became a member of the Egmont Group of FIUs in July 2003.

The AML law was amended in 2006.

AML Training in Bahrain

The Anti Money Laundering (AML) Law of 2001 requires Bahraini financial institutions to develop training programs to assist law enforcement in apprehending individuals who conduct illicit financial transactions.

The Economy of Bahrain

Bahrain has the second most free economy in the Middle East and North Africa region and is thirty-ninth overall in the world.

With its highly developed communication and transport facilities, Bahrain is home to numerous multinational firms with business in the Gulf. Petroleum production and refining account for over 60% of Bahrain's export receipts, over 70% of government revenues, and 11% of GDP (exclusive of allied industries), underpinning Bahrain's strong economic growth in recent years. Aluminum is Bahrain's second major export after oil. Other major segments of Bahrain's economy are the financial and construction sectors. Bahrain is focused on Islamic banking and is competing on an international scale with Malaysia as a worldwide banking center.

Bahrain is actively pursuing the diversification and privatization of its economy to reduce the country's dependence on oil. As part of this effort, in August 2006 Bahrain and the US implemented a Free Trade Agreement (FTA), the first FTA between the US and a Gulf state. Continued strong growth hinges on Bahrain's ability to acquire new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. Unemployment, especially among the young, and the depletion of oil and underground water resources are long-term economic problems.

Banking in Bahrain

Before September 2006 the Bahrain Monetary Agency was the banking regulator in Bahrain. The Central Bank of Bahrain and Financial Institutions Law of 2006 changed that and made the Central Bank of Bahrain the new regulator.

Bahrain's Currency

The currency of Bahrain is the Bahraini Dinar (BD). It was first issued in 1965. The dinar replaced the Persian Gulf rupee. Dinar is issued in both banknotes and coins. The current series features 1, 5, 10, and 20 dinar in banknotes. Coins come in 5, 10, 25, 50, 100, and 500 fils.

Additional Statistics

Time Zone: UTC+3 (8 hours ahead of Washington, DC during Standard Time).

Location: Middle East, archipelago in the Persian Gulf, east of Saudi Arabia.

Population: 1.332 million (July 2013 est.)

Labor Force: Approximately 1% works in agriculture, 79% in industry and 20% in services industries. The unemployment rate is 15%.

Languages Spoken: Arabic, English, Farsi, Urdu.

Trade Organizations: Bahrain is a member of the World Trade Organization (WTO).


A Free Overview Of Anti Money Laundering (AML) For Bahrain.

Anti Money Laundering (AML) in Qatar

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Anti Money Laundering (AML) By Country: Qatar

Anti-Money Laundering (AML) in Qatar

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Money laundering in Qatar is not a major issue. The financial sector is strictly monitored by the Central bank. In order to best protect itself from money laundering, Qatar signed the Anti Money Laundering Law on September 11, 2002. Article 28 of the law describes money laundering offences as involving the acquisition, holding, disposing of, managing, keeping, exchanging, depositing, investing, transferring, or converting of funds from illegal proceeds. Those found guilty of money laundering can expect to face serious penalties, including up to seven years imprisonment and hefty fines. The Anti Money Laundering Law also calls for all financial institutions to report any suspicious transactions to the Qatar Central Bank (QCB) and to maintain records of these transactions for up to 15 years.

The National Anti Money Laundering Committee (NAMLC) was created by the Anti Money Laundering Law to manage and direct money laundering combating efforts. In 2004, the Qatari Financial Intelligence Unit (FIU) was instituted. The primary responsibilities of the FIU include reviewing all financial transaction reports, identifying suspicious transactions and financial activities of concern, guaranteeing that all government ministries and agencies have measures and standards to ensure apposite oversight of financial transactions, and recommending actions taken by the NAMLC if suspicious transactions or financial activities of concern are recognized.

All financial institutions must report transactions of Qatari riyals (QR) that exceed 100,000 QR. All financial institutions must enact a system of customer identification by distinguishing the individual entering into a business relationship or performing a transaction.

In 2010, the Qatar Financial Centre Regulatory Authority issued the Anti-Money Laundering and Combating Terrorist Financing Rules. The Rules are meant to accompany the Promulgating the Anti-Money Laundering and Anti-Terrorism Financing Law of 2010. Both pieces of legislation were designed to enhance the AML regime in the country.

AML Training in Qatar

According to Qatar’s 2005 Anti-Money Laundering Rulebook, all employees must be provided with training to help them understand the vulnerabilities of the products and services offered at the Bank and how to recognize suspicious transactions. Records must be kept regarding who has been trained, the timing of the training and how the training has been given.

The Economy of Qatar

Qatar owes most of its economic growth to the vast amounts of petroleum it produces. Petroleum accounts for more than 70% of the country’s total government revenue. The country is also the third largest supplier of natural gas in the world and a huge supplier of oil.

Currently the wealthiest country in the Muslim world, Qatar has the highest GDP per capita income in the world. The opulence of natural resources united with the growing and diversified economy means enormous access to investment opportunities and incentives.

Banking in Qatar

Qatar Central Bank (QCB) is the main bank of Qatar. QCB was incorporated in 1993 when it took over the responsibilities of the former Qatar Monetary Agency. There are a total of 15 banks in the country, seven of which are Qatari owned institutions.

The main functions of the Qatar Central Bank include: maintaining stability in the QR exchange rate; managing and conducting operations related to exchange rate policy; conducting and implementing monetary policy and evaluating its content; supervising and controlling the activities of financial institutions, such as banks, exchange houses, investment companies, financial companies and representative offices; exercising the privilege of the issuance; and ensuring circulation of domestic currency and adopting necessary security measures to avoid counterfeiting.

Qatar's Currency

The currency in Qatar is the riyal (QR). The riyal comes in denominations of 1, 10, 50, 100, and 500 notes. Each riyal is then divided into 50, 25, 10, 5, and 1 dirham coins.

The Qatari riyal is closely connected with the US Dollar. Qatari people can use ATM cards, debit and credit cards, such as American Express and others.

Until 1966, Qatar was using the Indian Rupee as its currency. After depreciation of the Indian rupee in 1966, Qatar instituted another form of currency. At first, Qatar introduced the Saudi Riyal and later incorporated a new series of currency.

Additional Statistics

Time Zone: UTC+3 (8 hours ahead of Washington, DC during Standard Time).

Location: Middle East, peninsula bordering the Persian Gulf and Saudi Arabia.

Population: 2.169 million (July 2013 est.).

Labor Force: 42% of the population makes up the labor force, and there is an unemployment rate of 0.7%.

Languages Spoken: Arabic (official), English is commonly used as a second language.

Trade Organizations: Qatar is a member of the World Trade Organization (WTO).


A Free Overview Of Anti Money Laundering (AML) For Qatar.