Bahrain is taking a lead in the Gulf region for smooth management of money transfers.

Bahrain is taking a lead in the Gulf region for smooth management of money transfers.
The Deputy Governor of the Central Bank of Bahrain, HE Anwar Khalifa Al Sadah met with IAMTN CEO Lady Olga Maitland at the Ritz Carlton Hotel, Manama following a conference on money laundering.

In the course of his remarks Mr. Al Sadah discussed the regulatory regime established by the Central Bank which is having an impact on the huge market of money transfers.

He told Lady Olga,” We are pleased that with Bahrain established as a financial centre, our regulatory regime is now well established. We work closely with the compliance officers in local banks as well as the money service businesses. As a result we feel that we have made headway in a challenging area.”

Also present was Michael Lee, CEO of Ithmaar Bank, Bahrain.

He agreed with Mr al Sadah, “We are fortunate that the Central Bank of Bahrain is the most seasoned regulatory authority in the region.

In his presentation to the conference he added:

“Each country should establish serious penalties such as monetary fines to ensure the effectiveness of the compliance regime. The Central Bank, investment regulators, and other supervisory agencies.together with the criminal enforcement agencies, need to educate the private sector as to possible abuse.”

Says Lady Olga,”With such a buoyant market in money transfers; monies moving in many forms from cash to formal payments via money service businesses or banks, it takes particular energy to try to maintain the highest possible standards.”

For further information contact

Olga Maitland on olga.maitland@iamtn.org

Tel. +44 207 531 1347

M +44 7778 917133

For further information,
please contact
Kellie Waidson at +44 207 5311347
www.iamtn.org