Anti-Money Laundering Statement
Bahrain Bourse B.S.C (c) (“BHB”) and its subsidiaries collectively referred to as ‘BHB’ is a closed shareholding company licensed by the Central Bank of Bahrain (“CBB”) to act as a Licensed Exchange.
Laws and Supervision
In order to ensure all stakeholders adhere with the rules of the Kingdom of Bahrain, BHB has formulated internal rules for the prevention of Money Laundering and Financial Crime which are based on the Central Bank of Bahrain (CBB)’s Volume 6 Anti-Money Laundering & Combating Financial Crime (AML) Module, the Bahrain Anti-Money Laundering Law 4/2001 and its amendments and the Financial Action Task Force (FATF) Recommendations which the Kingdom of Bahrain follows as an associate member of FATF and a member of MENAFATF.
- To ensure on going compliance with Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) laws and regulations of the CBB and considering further recommendations from FATF.
- To ensure that Bahraini Capital markets are protected against money laundering & terrorist financing at all times.
- To periodically update AML policies and procedures to be in line with all updates in CBB laws and regulations.
- To provide AML/CFT periodic training and awareness to all relevant stakeholders.
- To ensure BHB’s ongoing compliance with AML/CTF directives and the action that needs to be undertaken by the MLRO in case of any suspicious activities by maintaining written policies & procedures.
- To maintain effective procedures for verifying client identification, and periodically update these procedures to meet the challenges presented by an ever changing digital landscape.
- To ensure stringent Know-Your-Customer (KYC) principles and Investor identification regulations.
- To conduct Enhance Due Diligence for all high risk customers.
- To recognize, investigate and report suspicious activity and cooperate fully with law enforcement & regulatory bodies.
- To ensure that a legal framework is in place to issue penalties to all violators of the above policies.
- To protect the reputation and integrity of the Bahrain Capital markets & BHB.
- To ensure to implement a risk based approach by conducting risk assessments, management, mitigation and Customer risk profile.
- To ensure that all licensed members of BHB commit to a high standard of AML/CTF.
- To ensure compliance with the record- keeping requirements contained in the CBB Rulebook.