◊ Money Laundering Overview
Money laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of their criminal activities.
If undertaken successfully, it also allows the perpetrator(s) to maintain control of those proceeds and ultimately, provides a legitimate cover for their source of income.
◊ Policy Statement
Bahrain Financing Company (BFC) is committed to preventing money laundering and terrorist financing. Our procedures comply with the Financial Crime Regulation of the Central Bank of Bahrain. We also monitor and adhere to other major international anti-money laundering recommendations and programs such as the Financial Action Task Force (FATF), the United Nations and European Union sanctions and the Officer of Foreign Asset Control (OFAC).
We aim to maintain the highest operating standards at all times by undertaking regular reviews of our procedures and controls to ensure we are compliant with the relevant laws, regulations and standards of good practice.
In order to achieve full compliance with the Regulation the company has in place the following:
● An appointed Money Laundering Reporting Officer
● Anti-money laundering policies and procedures
● Staff training program on money laundering awareness and their criminal liabilities
● Know Your Customer (KYC)
● Clear reporting lines for suspected money laundering
● Suspicious activity reporting to the authorities
● Record keeping for ten years after business is concluded |
