CBB, SWIFT hold workshop on Financial Crime Compliance

The Central Bank of Bahrain (CBB) in coordination with SWIFT, organised a workshop for Bahrain’s SWIFT User Group community on its Financial Crime Compliance (FCC). The half-day workshop was attended by more than 120 representatives from Financial Institutions and took place on the 10th February 2020 at the InterContinental Regency Hotel.

The workshop focused on the effectiveness of Financial Institutions compliance programmes that are expected to keep up with the demands of sanctions, anti-money laundering (AML) and Know Your Customer (KYC) requirements. Yousef Al Fadhel, Executive Director, Corporate Services at CBB and Chairperson of Bahrain’s SWIFT User-Group addressed the participants.

The workshop presented a broad portfolio of solutions developed by SWIFT towards effectively detecting sanctions, KYC registry, AML and fraud prevention at individual and entity-level globally. The workshop also provided details on other SWIFT services like “Payment Controls” which help to mitigate fraudulent attacks by detecting and preventing high-risk payments and supporting recovery. It also combines real-time monitoring, alerting and blocking of sent payments with independent daily reporting