NBB employees complete ICA certification

MANAMA: The National Bank of Bahrain (NBB) announced that 29 of its employees from across the organisation have completed an ICA certification in know your customer (KYC) and customer due diligence (CDD).

The International Compliance Association (ICA) is a professional body responsible for global regulatory and financial crime compliance community since 2001.

ICA offers several training, courses, qualifications and membership for professionals in AML, compliance, KYC, CDD and financial crime prevention.

The ICA certificate in KYC and CDD provided the employees with the relevant base knowledge of the KYC and CDD that is essential for them to understand the bank’s customers and their financial activities and dealings to better identify, mitigate, and avoid the risk of AML, financial fraud, and crimes.

KYC and CDD is a mandatory requirement by the Central Bank of Bahrain (CBB) which requires all the banks in Bahrain to comply with the applicable laws, regulations and must implement programmes against money laundering and terrorist financing by establishing and maintaining appropriate systems and controls to limit the vulnerability to financial crime.

The ICA certificate in KYC and CDD should enhance the employees’ knowledge and ability to detect such risks immediately whenever is suspected.

Source: https://www.gdnonline.com/Details/979357