Ithmaar Bank hosts Anti Money Laundering Course for Employees

MANAMA, BAHRAIN July 20th, 2008-  Ithmaar Bank, a Bahrain-based investment bank with global reach, recently hosted a one day Anti-Money Laundering (AML) course for 32 new employees of the bank, its subsidiary First Leasing Bank, the first bank in the GCC specializing in equipment leasing and Ithmaar Development Company. A short refresher AML training course was also organized for old employees.

The AML course was conducted by Nayla Asgharali, Director, Compliance, Ithmaar Bank, and was held at the Regency Intercontinental Hotel, Manama.

Participants learnt about the basics of AML during the course which included: details about the money laundering cycle and money laundering methods. In addition the course provided employees with an overview of the Central Bank of Bahrain’s regulations on AML.

“The prevention of money laundering is an increasingly important issue to the banking sector and it is crucial for us as a premier financial institution to raise awareness of this threat and help combat it,” said Nayla Asgharali.

As per the Central Bank of Bahrain’s requirement, it is mandatory for all financial institutions to provide Anti-Money Laundering (AML) training to all of its employees.

About Ithmaar Bank:

Ithmaar Bank B.S.C. is licensed by the Central Bank of Bahrain and listed on the Bahrain and Kuwaiti Stock Exchanges (“ITHMR”). It has a total equity of US$1.2 billion and is a full investment bank with business spanning the Middle East, North Africa and South Asia (MENASA) region, as well as Asia-Pacific and Europe. Besides holding significant investments in the banking, financial services and real estate sectors in different markets, the main activities of the Bank include underwriting (equity and other financings), private equity (structuring, participation and portfolio management), Islamic financing, private banking, and advisory services covering project financing, investments, capital markets and mergers & acquisitions.

Ithmaar Bank’s flagship subsidiaries and affiliates include Shamil Bank, Solidarity (an Islamic insurance company, headquartered in Bahrain), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing Bank and Ithmaar Development Company.