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 Awqaf and Islamic Affairs Building, Al Hilal Street, Murgab, Kuwait City, State of Kuwait, PO 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