Specialists Mastercalss in Anti-Money-Laundering Techniques ( SMAT-AML )

Money laundering is the process that optically transforms illegally acquired money into money with a legal appearance. This money may then be used to fund criminal or legal business activities. The consequences of money laundering are that legal economic activities are replaced by illegal economic activities. As such, money laundering is a severe threat to our economy. To prevent money laundering from becoming a significant part of our economy, it must be combated. Rather than completely eliminating money laundering, which is virtually impossible just like any other criminal activity, preventing that it gains control over society must be strived for.

Central Bank of Bahrain (CBB) in its effort to curtail the dangers of money laundering has mandated BIBF to disseminate awareness on money laundering amongst the banking and financial communities. BIBF has gone beyond the awareness boundry by creating greater opportunities in career development, protecting the financial industry and the economy at large through advancing anti-money laundering professionals in GCC/MENA Region.

Target Groups

Participants typically will be MLROs and their deputies, Compliance Officers, Auditors, and other Professionals in organizations that are prone to money laundering activities. These people need formal/ structured knowledge more than work experience for the fulfillment of their function. In general the following should attend to prosper their career, protect their organization and ensure value-based

• Money Laundering Reporting Officers/ Deputies
• (MLROs/ DMLROs)
• Compliance officers
• Government regulators
• Bankers
• Anti-¬money laundering training officers
• Risk management specialists
• Securities broker/dealers
• Money services businesses professionals
• Certified public accountants
• Auditors
• Consultants
• Gaming industry specialists
• Lawyers
• Real Estate personnel and agents
• Insurance company personnel and agents
• Law enforcement agents
• Credit, debit & pre¬paid card companies
• Jewelers and precious metals dealers
• Investment advisors

Program Structure

Currently, the SMAT-AML is offered in one week intensive workshop sessions in six days with optional sessions extended over 6 weeks (Saturdays only) 5 hours class on Saturdays. These sessions will be conducted in BIBF and followed by a full day examination preparation seminar (EPS) to be officially delivered by the ACAMS appointed Specialists. After the completion of the preparation seminar, the participants will be certified by BIBF for SMATAML Program attended (Certificate of attendance) while the CAMSE will be structured by each candidate based on individual’s convenience to attend the examination (CAMSE) and at any computer based center (CBT) of their choice.

Pre-Requisites

The participants’ educational background must be bachelor degree at a minimum or ML/ Compliance related job experience of 12 months minimum with minimum knowledge equivalent to BIBF’s Anti-Money Laundering Awareness Level Program.

Program Scholarship

The Bahraini nationals are eligible for HRDF sponsorship subject to conditions as set by the HRDF and assessment testing by BIBF. For conditions and application for this scholarship please visit
http://www.bibf.com/usefullinks.htm?#hrdf