AML/CFT Policy, Controls, and Procedures Documentation

    AML/CFT policy, controls, and procedures documentation

    Organizations in Bahrain are always in danger due to the surge in money laundering and terrorism financing operations.

    It raises serious doubts about an organization’s integrity and may result in a negative reputation.To eliminate any possibility of exposure to money laundering and terrorism funding activities, companies must take complete control of their processes and operations. 

    Organizations in Bahrain require strategies and ways to protect their business from money laundering and terrorism financing to avoid AML risks and penalties.They must have the appropriate policies and procedures in place to check for any potential effects of money laundering or terrorism funding.To reduce the dangers of money laundering and terrorism funding at any step of their operations, they must implement necessary AML/CFT policies and control mechanisms.We assist them to stay compliant with Bahrain AML legislation by providing AML policy, controls, and procedures documentation services.

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    Engage us to develop the best AML Policy Manual for your AML/CFT Compliance in Bahrain

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    AML policy, controls, and procedures documentation

    We establish the appropriate policies, norms, and processes for AML/CFT frameworks for you.

    The following is how we go about developing AML Policy document that is ideal for your company:

    Risk
    Identification​

    We assist our clients in Bahrain in understanding the money laundering and terrorism financing risk they are exposed to.We examine your business operations for gaps that money launderers could exploit to legitimatise illicit funds or to make their illicit funds look legit.The functions that involve the transportation of money are included in these processes.

    Assessment of
    existing AML policies

    Our next step is to evaluate your prevailing anti-money laundering and counter-terrorist financing policies and procedures to verify that your operations are safe from illegal proceeds and that the existing controls are sufficient to mitigate the risk.We consider the effectiveness of these rules to find any potential flaws or areas for improvement.

    Gap
    analysis

    In steps 1 and 2, we document the identified risks and existing policies, respectively.Based on this, we do a gap analysis to see where we may provide value in helping your company achieve full AML/CFT compliance.This gap analysis is utilized for further conversation with stakeholders to acquire their views on each, as they are closer to the process and better aware of the risks and loopholes.

    Creation of appropriate AML/CFT frameworks

    Our compliance and regulatory experts team are skilled at developing effective AML/CFT compliance frameworks and control mechanisms for your company.We recognize the threats to your company and provide a tailored anti-money laundering compliance programme to help you respond effectively, by creating AML/CFT policies, controls, and procedures to ensure your company processes run more smoothly.

    About AML Bahrain

    By delivering competent AML consulting and compliance advisory services, AML Bahrain answers ML/FT related issues of enterprises in Bahrain.Our clientele consists of small and medium-sized businesses, start-ups, and large corporations from many industry verticals.We have a robust staff of regulatory experts and compliance professionals who are well-versed in Bahrain’s AML/CFT rules and regulations.We understand how AML/CFT standards affect each type of business in every industry, and we tailor our services and solutions to meet  our clients’ needs.

    Risk Identification

    We assist our clients in Bahrain in understanding the money laundering and terrorism financing issues they face. We examine your business operations for gaps that money launderers could use to legitimate illicit funds. The functions that involve the transportation of money are included in these processes.

    Assessment of existing policies

    Our next step is to evaluate your prevailing anti-money laundering and counter-terrorist financing policies and procedures to verify that your operations are safe from illegal proceeds. We consider the effectiveness of these rules to find any potential flaws or areas for improvement.

    Gap analysis

    In steps 1 and 2, we document the identified risks and existing policies, respectively. Based on this, we do a gap analysis to see where we may provide value in helping your company achieve AML compliance. This gap analysis is utilized for further conversation with stakeholders to acquire their views on each, as they are closer to the process and better aware of the risks and loopholes.

    Creation of appropriate AML/CFT frameworks

    Our compliance and regulatory experts team are skilled at developing effective AML compliance frameworks and control mechanisms for your company. We recognize the threats to your company and provide a tailored anti-money laundering compliance programme to help you respond effectively, including creating AML policies, controls, and procedures to ensure your company processes run more smoothly.

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    AML/CFT frameworks can get your business risk-free
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    Why us?

    • As your AML consulting partner, we assist you in assessing your AML/CFT frameworks and policies regularly so that you may make informed decisions about your various business growth goals, whether it is expansion, restructuring, or new tactics.
    • We have a strong team of regulators, compliance specialists, legal officials, business analysts, policymakers, AML professionals, and strategic decision-makers who can help you evaluate your company's money laundering risks and design the appropriate AML/CFT strategy to manage those risks.
    • We have a thorough understanding of all AML and CFT laws, regulations, rules, guidelines, and notifications, as well as their ramifications; we apply this knowledge and experience to establish the most appropriate AML/CFT policies and procedures for your firm.
    • We also provide KYC, CDD, and EDD rules and instructions to make your operations more efficient and smoother.Our AML/CFT policy, controls, and procedures documentation assistance is thorough enough to address every area of AML/CFT law.
    • We develop your AML/CFT programme using internationally recognized best practices of AML/CFT compliance policies and processes to decrease your company's exposure to financial crimes.

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    Comply with AML and sanctions regulations with our team of highly qualified AML professionals

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    AML Policy FAQs

    According to Bahrain Primary AML/CFT legislation Decree-Law No. (4) of 2001, concerning the Prohibition of and Combating Money Laundering and Terrorist Financing, Article 4 requires that the Implementing Unit must develop policies, controls, and procedures to reduce recognized ML/FT risk, based on the nature and size of their business.

     

    All branches, subsidiaries, and related entities in which Implementing Unit hold a majority interest must have AML policy, controls, and procedures authorized by management and implemented. Further, it must consider the result of the National Risk Assessment (NRA).

     

    The AML policies, controls, and processes that Implementing Unit  use to manage and mitigate ML/FT risks must be reasonable, proportional to the risks involved, and consistent with the outcomes of their risk assessments.

    To mitigate ML/FT risks, Implementing Units must frame their AML/CFT policies, controls, and procedures.The following areas should be addressed by these policies, controls, and procedures:

    • Detection and evaluation of ML/FT threats
    • Customer due diligence (CDD, EDD, SDD), including assessment and updating and reliance on third parties.
    • Customer and transaction monitoring, as well as suspicious transaction reporting
    • AML/CFT governance includes compliance staffing and training, senior management duties, and independent risk mitigation auditing.
    • Documentation requirements