• AML-5 AML-5 Staff Training and Recruitment

    • AML-5.1 AML-5.1 General Requirements

      • AML-5.1.1

        Capital Market Service Providers must take reasonable steps to provide periodic training and information to ensure that staff who handle customer transactions, or are managerially responsible for such transactions, are made aware of:

        (a) Their responsibilities under the AML Law, this Module, and any other relevant AML/CFT laws and regulations;
        (b) The identity and responsibilities of the MLRO and his deputy;
        (c) The potential consequences, both individual and corporate, of any breach of the AML Law, this Module and any other relevant AML/CFT laws or regulations;
        (d) The Capital Market Service Provider's current AML/CFT policies and procedures;
        (e) Money Laundering and terrorist financing typologies and trends;
        (f) The type of customer activity or transaction that may justify an internal report in accordance with section AML-4.1;
        (g) The Capital Market Service Provider's procedures for making an internal report as per section AML-4.1; and
        (h) Customer due diligence measures with respect to establishing business relations with customers.
        October 2010

      • AML-5.1.2

        The information referred to in rule AML-5.1.1 must be brought to the attention of relevant new employees of Capital Market Service Providers, and must remain available for reference by staff during their period of employment.

        October 2010

      • AML-5.1.3

        Relevant new employees must be given AML/CFT training within three months of joining a Capital Market Service Provider.

        October 2010

      • AML-5.1.4

        Capital Market Service Providers must ensure that their AML/CFT training for relevant staff remains up-to-date, and is appropriate given the Capital Market Service Provider's activities and customer base.

        October 2010

      • AML-5.1.5

        The CBB would normally expect AML/CFT training to be provided to relevant staff at least once a year.

        October 2010

      • AML-5.1.6

        Capital Market Service Providers must develop adequate screening procedures to ensure high standards when hiring employees. These procedures must include controls to prevent criminals or their associates from being employed by Capital Market Service Providers.

        Amended: July 2016
        October 2010

      • AML-5.1.6A

        For the purposes of Paragraph FC-5.1.6, Capital Market Service Providers must obtain a good conduct certificate from the Ministry of Interior prior to hiring any Bahraini employee.

        Added: January 2021