Money Laundering Control

Bahrain is a member of the Gulf Cooperation Council (GCC) which is itself a member of the Financial Action Task force (FATF). Bahrain has introduced strict anti-money laundering and combating the financing of terrorism regulations and requirements, the principal elements of which are the Amiri Decree Law No. 4 of 2001 with respect to the prevention and Prohibition of the Laundering of Money and the financing of terrorism and the CBB Money Laundering and the financing of terrorism Regulations issued in October 2002 (as subsequently updated).

Addax has adopted strict procedures for dealing with the threat posed by Money Laundering and the financing of terrorism in accordance with the CBB regulations.

Legislation pertaining to money laundering and terrorist financing control imposes significant record keeping and customer identification requirements on financial institutions, as well as obligations to detect, prevent and report money laundering and terrorist financing. Addax Bank continues to strengthen its commitment to combat money laundering and terrorist financing by improving control measures as the regulatory environment becomes more dynamic. Embedding the minimum standards throughout the bank remains a challenge although significant progress has been made in this regard.

These standards include specific requirements with regard to, amongst other things:

  • the appointment of a Money Laundering Reporting Officer. 
  • procedures regarding the identification of customers including the prohibition of numbered accounts or accounts for shell banks. 
  • regular internal and external inspection and auditing of compliance with procedures. 
  • procedures for reporting suspicious transactions. 
  • procedures for profiling customer's transactions and business. 
  • procedures for education and training of employees in anti-money laundering requirements. 
  • implementing internal controls for the prevention of money laundering.

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for the Addax AML and Due Diligence Questionnaire.