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AML & KYC Policy Statement
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| The Bank will conduct its business in conformity with high ethical standards and legal obligations and will at all times adhere to the Central Bank of Bahrain (CBB) rules and internationally accepted regulations to prevent money laundering and the funding of terrorism, as amended from time to time (collectively referred to as the “Applicable Laws, Regulations and Guidelines”). While it is accepted that the Bank may not always be able to determine whether a transaction originates from, or is part of, any unlawful activity, the Bank will conduct its business in compliance with the following general principles:
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Implement appropriate KYC and prevention of money laundering and funding of terrorism procedures including customer due diligence procedures to verify the identity of its customers, maintain records of such verifications of identity, as required by law and will take all the reasonable steps to determine the true identity of all customers and, where applicable, of the beneficial owners of the Bank’s products and services and maintain internal reporting procedures in accordance with the Applicable Laws. This tradition has developed not only from regulatory requirements and legal obligations but also from the belief that the better the Bank knows its clients, the better it can serve their financial needs; |
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Compare the names of customers, business associates, and payees with the United Nations Security Council and other applicable lists and process any matches as required by law through an automated name screening facility; |
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Avoid providing support or assistance and take the necessary steps against customers seeking to deceive law enforcement authorities through the provision of false, altered, incomplete or missing information; |
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Refuse to accept funds from or to do business with shell banks or customers whose money, the bank believes, is derived from any unlawful activity or from a sanctioned source, except where to do so would risk alerting the customer and is likely to frustrate efforts of investigating a suspected money laundering or funding of terrorism operation; |
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Train employees from time to time, in the awareness of customer due diligence procedures, in the recognition and handling of transactions carried out by, or on behalf of, any person who is, or appears to be engaged in money laundering or the funding of terrorism, and in record keeping and internal reporting procedures; |
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Conduct periodic independent, internal audits to evaluate the effectiveness of the company's prevention of money laundering and funding of terrorism and KYC policies and procedures |
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Cooperate fully with law enforcement and regulatory authorities in executing their duties under all applicable laws; |
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Each business unit and area creates and implements anti-money laundering and KYC procedures specific to their products and services, as required by law; |
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Periodically carry out reviews of the KYC, including customer due diligence on existing clients and review it from time to time. |
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| For further information, please contact: |
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