Al Baraka Group hosts first annual compliance meeting

TDT | Manama

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Al Baraka Group, the leading international Islamic banking group based in Bahrain, held its first Annual Group Compliance Meeting (AGCM) with participation of all its subsidiaries, on 2-3 December 2024, at its headquarters in Bahrain. The meeting was chaired by Dr. Khaled Ateeq, the Chairman of the Compliance and Governance Board Committee, and in the presence of members of the Central Bank of Bahrain.

The event covered the latest developments in compliance and Anti-Money Laundering (AML) trends and typologies, in addition to enriching a culture of compliance and upgrading its sanctions controls. The meeting also emphasised on the importance of sharing updates, challenges and strategies among the heads of compliance and MLRO’s across the Group’s various subsidiaries.

Dr. Ateeq in his speech at the meeting said “Our industry faces numerous challenges, and it is essential that we remain proactive in managing these complexities. By prioritizing compliance, we are not only fulfilling our legal/regulatory obligations, but also safeguard our reputation and strengthen our market position. Moreover, our compliance programs must also align with our company values and ethical principles to maintain the trust of our stakeholders and the communities we serve”.

The Group Chief Executive Officer Mr. Houssem Ben Haj Amor in his speech stressed on the importance of adopting the highest professional standards and developing the necessary strategies to continue to spread a culture of compliance while offering solutions to address the challenges and benefit from potential business opportunities.

In his part, The Group Head of Compliance, Governance & Board Affairs and MLRO Mr. Abdul Malek Mezher discussed the importance of sharing knowledge and strengthening partnerships to promote Anti-Money Laundering practices and combat the financing of terrorism among all subsidiaries. A strategic partnership was formed with the one of renowned training institution, which will provide tailored training for professionals for all levels of seniority and across all three levels of defence.