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AML-3.3.1

Past version: Effective from 01 Oct 2010 to 30 Jun 2016
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A Capital Market Service Provider must review the effectiveness of its AML/CFT procedures, systems and controls at least once each calendar year. The review must cover the Capital Market Service Provider and its branches and subsidiaries both inside and outside the Kingdom of Bahrain. The scope of the review must include:

(a) A report, containing the number of internal reports made in accordance with section AML-4.1, a breakdown of all the results of those internal reports and their outcomes for each segment of the Capital Market Service Provider's business, and an analysis of whether controls or training need to be enhanced;
(b) A report, indicating the number of external reports made in accordance with section AML-4.2 and, where a Capital Market Service Provider has made an internal report but not made an external report, noting why no external report was made;
(c) A sample test of compliance with this Module's customer due diligence requirements; and
(d) A report as to the quality of the Capital Market Service Provider's anti-money laundering procedures, systems and controls and compliance with the rules of a licensed exchange and clearing and depository corporation, AML Law and this Module.
October 2010