Dubai Islamic Bank (DIB), Standard Chartered and Lloyds TSB Bank, three of the United Arab Emirates (UAE)'s premier financial institutions, have staged the first in a series of comprehensive programs aimed at combating the threat of money laundering.
The program, which was held in association with UK based compliancy training consultancy, Lessons Learned, is titled Fighting Money Laundering and covered critical issues such as customer identification, due diligence, account monitoring, record keeping and most importantly the recognition and reporting of suspicious transactions and correspondent banking.
The training program has been developed as a regular, multi-tiered initiative, which will provide ongoing training solutions for the banks' staff. The training curriculum, which will be updated on a regular basis, form an integral part of the business training calendars of the three banks.
Other modules will include requirements of national and international laws and regulations, the practical measures that should be taken to demonstrate effective compliance and the penalties for non-compliance.
Established in 1975, DIB is considered to be the first Islamic bank in the world that has implemented the principles of Islam in all its practices. It was founded with active assistance of the UAE Government, the Central Bank and people of the UAE. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
