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In-house AML/CFT compliance department setup

In-house AML/CFT compliance department setup

As the Bahrain market encounters many new rules and regulations relating to anti-money laundering and counter-terrorist financing, businesses are preparing to comply.

Companies with a higher risk of money laundering and terrorism funding must have AML/CFT frameworks in their organizations. Another need that most firms overlook is establishing an in-house AML compliance department and appointing a person to ensure AML compliance.

Commitment. Precision. transparency.

With your own AML Compliance Department, we’ll help you move from a reactive to a proactive mindset.

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In Bahrain, we can help you set up an in-house anti-money laundering compliance department

We use a personalized, results-driven strategy to build and develop a successful AML compliance department for your company to ensure that AML compliance needs are met efficiently. Our system includes the following steps:

Study business's AML
requirements

We study about your company to learn about your AML/CFT regulations and frameworks, and risk management requirements.We aim to convey the need for an AML compliance department to the appropriate decision-makers and Board of Directors based on these business demands.Top management support is required to get the procedure started and take future steps.Furthermore, senior management's backing drives staff to follow the policies and detect and report any dangers or wrongdoings in the money movement.Ethical culture is maintained at all levels of the business, ensuring communication and participation in the implementation of the AML programme, thanks to a thorough awareness of the role of the AML compliance department.

Appoint an AML compliance
officer

As a further step, we assist you in appointing an AML compliance officer responsible for the seamless operation of the AML compliance department.The officer must be able to make AML-based choices for the business with the agreement of senior management and in accordance with the organization's overall objectives.We can also assist with hiring additional personnel or the internal transfer of existing staff to build an AML compliance team to handle the entire function, depending on the size of your company.

Create a set of rules and responsibilities

We also help create a code of conduct for the in-house AML compliance department, which outlines staff expectations, policies and procedures to follow, and reporting requirements.We also provide advice on appropriate changes and adaptations to organizational policies in light of the changing nature of AML requirements in Bahrain.We assist you in defining and accepting international best practices in anti-money laundering compliance.

Form an AML compliance department

We establish an in-house anti-money laundering and counter-terrorist financing compliance department that implements and monitors appropriate internal controls to safeguard your company from money laundering and terrorism financing risks.This AML compliance department will be in charge of identifying risks, preventing business losses, detecting and addressing fraudulent activity, and providing AML/CFT related advisory services to senior management.

About AML Bahrain

AML Bahrain is a prominent provider of AML consulting services for Bahrain enterprises, assisting them in achieving full compliance with AML regulatory standards.AML Bahrain has the expertise  to help your company establish an AML/CFT compliance department.We can assist you with establishing an in-house AML compliance department that can handle everything connected to AML and CFT programmes and policies in your organization, whether you are a small business or a major corporation in Bahrain.You will be better able to detect risks  your business is exposed to, implement policies to minimize them, and achieve compliance with AML/CFT standards if you have a compliance department in place.

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Adapt to the ever-changing AML/CFT regulatory environment and collaborate with us to respond correctly.
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What is an AML Compliance Department?

  • An organization's AML Compliance Department oversees the implementation and adherence to AML/CFT-specific laws and regulations specified by the country's authorities.It assesses the money laundering risks that a company confronts, recommends appropriate internal controls and policies, evaluates their application, and provides risk management advice as needed.The AML compliance department's primary goal is to develop applicable AML compliance policies that adhere to relevant guidelines and internal controls and monitor them to combat financial crimes.
  • An AML Compliance Department is required within a business to guarantee that AML-specific rules and regulations are followed and that AML compliance initiatives are appropriately handled.Organizations must also select an AML Compliance Officer to oversee the department's activities and guarantee that the AML plans and procedures are implemented successfully.

People.Process. Passion.

We assist you in establishing an in-house AML compliance department that ensures full compliance and smooth operations.
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FAQs

As a business, you should establish an in-house AML compliance department and adopt consistent KYC criteria, automated screening, and risk assessment procedures across all branches.To take a holistic approach  concentrating on the ML/TF risk, the compliance programme results should be disseminated across the organization wherever possible.

The company’s internal compliance department should be informed about the new products and services you proposes to offer.This is required to guarantee that all compliance-related risks are assessed, and appropriate controls are applied.The ultimate choice rests with top management, but if the introduction of new products and services exposes the business to increased risks, the in-house AML compliance department’s opinion should be sought.

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