BMI, Nouvobanq staff learn new skills to detect money laundering
26-June-2014
Staff of BMI Offshore Bank and Nouvobanq have for two days this week followed a training programme to arm them with new skills to better detect and effectively fight off attempts of money laundering.
The training was conducted by an expert in the field, Tariq Ali from Trident Financial & Accounting, an international banking consultant firm based in Bahrain – one of the biggest financial centres in the Middle East.
The training organised jointly by the two banks is aimed at ensuring that staff of the two institutions acquire the necessary anti-money laundering and combating terrorism financing knowledge to perform their day-to-day job effectively while complying with both local and international regulations.
The training covered all the important aspects of anti-money laundering and terrorism financing, provisions of the Seychelles Anti-Money Laundering Act, as well as reviewed latest trends in international anti-money laundering best practices.
“We recognise that we operate in an increasingly risky and challenging environment characterised by complex and sophisticated transactions from unscrupulous customers. We need well-trained and knowledgeable staff to implement policies and procedures to fight attempts to launder money through our banking system,” said Frank Hoareau, the managing director of BMI Offshore Bank.
“Given the challenges we face today in our banking business, ongoing staff training is indispensable in generating awareness on and helping to combat the illegal practices of money laundering which can destroy reputation of not only banks, but countries as well,” Mr Hoareau stressed.
Mr Hoareau noted the fact that BMI Offshore Bank staff deal with clients whom they do not know makes it more important for them to be on their guard all the time and it is through training that they would acquire the skills to do so.
“Recent events in Seychelles have highlighted to us that we are not spared from money laundering, wherever it is coming from, but that we live in a world where money laundering risks are real. Through training we are giving our staff the knowledge and skills to help our banks to better manage these risks,” said Ahmad Saeed, the managing director of Nouvobanq.
Speaking on the sideline of the BMI Offshore Bank staff training yesterday afternoon, Mr Ali pointed out that criminals are becoming more and more cunning and it is only through training that financial institution staff can be more aware of and be able to detect suspicious transactions and remain ahead of criminals.
The training was conducted by an expert in the field, Tariq Ali from Trident Financial & Accounting, an international banking consultant firm based in Bahrain – one of the biggest financial centres in the Middle East.
The training organised jointly by the two banks is aimed at ensuring that staff of the two institutions acquire the necessary anti-money laundering and combating terrorism financing knowledge to perform their day-to-day job effectively while complying with both local and international regulations.
The training covered all the important aspects of anti-money laundering and terrorism financing, provisions of the Seychelles Anti-Money Laundering Act, as well as reviewed latest trends in international anti-money laundering best practices.
“We recognise that we operate in an increasingly risky and challenging environment characterised by complex and sophisticated transactions from unscrupulous customers. We need well-trained and knowledgeable staff to implement policies and procedures to fight attempts to launder money through our banking system,” said Frank Hoareau, the managing director of BMI Offshore Bank.
“Given the challenges we face today in our banking business, ongoing staff training is indispensable in generating awareness on and helping to combat the illegal practices of money laundering which can destroy reputation of not only banks, but countries as well,” Mr Hoareau stressed.
Mr Hoareau noted the fact that BMI Offshore Bank staff deal with clients whom they do not know makes it more important for them to be on their guard all the time and it is through training that they would acquire the skills to do so.
“Recent events in Seychelles have highlighted to us that we are not spared from money laundering, wherever it is coming from, but that we live in a world where money laundering risks are real. Through training we are giving our staff the knowledge and skills to help our banks to better manage these risks,” said Ahmad Saeed, the managing director of Nouvobanq.
Speaking on the sideline of the BMI Offshore Bank staff training yesterday afternoon, Mr Ali pointed out that criminals are becoming more and more cunning and it is only through training that financial institution staff can be more aware of and be able to detect suspicious transactions and remain ahead of criminals.
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