NBB Staff Complete ICA Certificate Training Course in Managing Sanctions Risk

Press release
Published July 16th, 2018 - 06:56 GMT
During the event
During the event

National Bank of Bahrain (NBB) today announced the completion of an ICA Certificate training course for staff in Managing Sanctions Risk. The four day course aims to ensure that staff are fully aware of the complexities of dealing with sanctioned parties and the risks this can pose to the Bank.

The workshops, which were led by led by senior trainer Ms. Pekka Dare, Director of ICT Training, Learning and Development, focused on helping Bank staff better understand national and international sanctions that can be issued against individuals, entities, groups or nations; or even trading activities/particular sectors, and the negative impact non-compliance with such sanctions can have on the Bank including the levying of fines and other penalties by regulators.  

The course provided staff with an opportunity to explore the frameworks and drivers of sanctions, the risks that sanctions present to firms and the controls implemented to address those risks. The course also investigated key areas of focus such as sanctions screening and managing alerts, sanctions evasion typologies and various ‘real life’ case studies that demonstrate the consequences of failing to robustly manage sanctions risk.

Commenting, Ms. Dana Buheji, Chief Human Resources Officer at NBB, said, “Enhancing compliance is an important part of NBB’s transformation strategy and efforts to ensure the Bank is effectively managing all kinds of risk. We continue to work with world-class partners to train our staff in best international practices and ensure that they have the knowledge and tools available to them to execute at the highest levels and to comply with all aspects of national and international banking regulation.”   

Ms. Pekka Dare, Director of ICT Training, Learning and Development, added, “We are pleased to be supporting NBB as the Bank takes the necessary steps to ensure its employees are prepared to deal with sanctions. Sanctions can be a complex topic and dealing with sanctioned parties can be a risky business. We have developed and delivered a course to NBB which has taught employees both theoretical and practical tools to ensure that the Bank is not subject to regulatory action. Enforcing bodies today are particularly active with multiple fines for firms in recent years stretching into billions of dollars for non-sanctions compliance.”

Background Information

National Bank of Bahrain

We are Bahrain’s first locally owned bank. Every day, across the years, we develop our capabilities, using our expertise to better serve those who put their trust in us. Regionally present and dedicated to our local community, our history is Bahrain’s.

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