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AML-3.3.1B

A Capital Market Licensee 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 Licensees and its branches and subsidiaries both inside and outside the Kingdom of Bahrain. A Capital Market Licensee must monitor the implementation of those controls and enhance them if necessary. 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 Licensee'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 Licensee 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 Licensee's anti-money laundering procedures, systems and controls and compliance with the rules of a licensed exchange and licensed clearing house or central depository, AML Law and this Module.
Amended: January 2022
Amended: July 2016
Added: October 2010