Anti-Money Laundering & Combating the Financing of Terrorism Policy
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.
Bahrain Exchange Company (BEC) is committed to preventing money laundering and terrorist financing. BEC is authorised and regulated by the Central Bank of Kuwait (CBK). Our registered address is Al Enjazat Kuwait Gen. Trad. & Cont. Co. (Al-Hajery Building), Abdul Aziz Hamad AL Saqer Street, Building No 1 (Opposite Liberation Tower), Murgab – Kuwait City. P.O. BOX: 29149 and our branches in Kuwait operate as BEC.
Our procedures comply with the Anti-Money Laundering Regulation of the Central Bank of Kuwait. 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 Office of Foreign Assets Control (OFAC).
Regular reviews of the effectiveness of these Policies are carried out in addition to audits periodically undertaken by external auditors. This provides senior executive management, oversight committees and the Board Audit Committee with the necessary assurance regarding the operating effectiveness of the BEC’s controls relating to these policies.
Therefore 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 five years from the date of transaction
Customer Complaints Policy
Bahrain Exchange Company WLL (“BEC”) prides itself on excellent customer service and is committed to handling complaints speedily, efficiently, fairly and confidentially. We believe that all customer feedback, both positive and negative, presents an opportunity for improving our standards.
A customer complaint can be defined as any expression of dissatisfaction, made by a BEC customer, regarding any products or services provided by BEC. This policy covers all written complaints, serious or unresolved telephone complaints, complaints raised in a face to face meeting or by a third party acting for that customer such as an intermediary, legal representative or regulatory body.
All such customer complaints should be recorded on the Customer Complaints System and managed in accordance with the Customer Complaints procedures.
Non serious verbal complaints should be resolved at the frontline in accordance with the principles of this policy and should not be recorded on the Customer Complaints System.
Making a Complaint
Below are the contact details to make a complaint to BEC:
Customer Service Manager
Bahrain Exchange Company
Al Enjazat Kuwait Gen. Trad. & Cont. Co. (Al-Hajery Building)
Abdul Aziz Hamad AL Saqer Street
Building No 1 (Opposite Liberation Tower)
Murgab – Kuwait City
Tel: +965 1824000 Ext. 8110
Any complaint received is recorded and documented, in full on the Customer Complaint System. Complaints are usually acknowledged within 24 hours, or in any event within 5 business days. The customer is provided with an explanation about how the complaint will be handled, who is the person appointed to investigating the complaint and any actions required of the customer.
The Customer Service Manager is the appointed Complaint Resolution Officer (CRO) at BEC. All complaints are passed to the relevant department manager for investigation and they are responsible for drafting responses to customers and/or regulators and copying in the CRO. Senior management will determine if certain complaints must be brought to the attention of the Board more often or if the response to the customer and/or regulator should come from the Board.
The CRO is responsible for keeping a central file of all complaints correspondence and updating the Customer Complaint System. Complaints must be handled fairly and promptly keeping the customer informed of any progress.
Once the complaint has been actively investigated a final comprehensive response will be provided to the customer either verbally or in writing (if applicable) within 20 business days. The final response will:
- accept (or partially accept) the complaint and where appropriate offer redress; or
- reject (or partially reject) the complaint, informing the customer with a full explanation of the Company’s position.