AML Policy and Procedures

Bahrain India International Exchange Co joins hands with Central Bank of Bahrain and major international organizations to fight money laundering and terrorist financing activities.   It has a robust anti money laundering policy and procedures in place.   Its state-of-the-art infrastructure and AML-compliant software ensures KYC norms are strictly adhered to.

AML Policy Declarations

Bahrain India International Exchange is fully committed to adhering to the local AML Laws and Regulations which reflect the relevant recommendations issued by Financial Action Task Force (FATF) and the Basel Statement of Principles on preventing the utilization of the financial system for criminal activities. Accordingly, we have adopted all relevant procedural and control measures to provide our support in the fight against money laundering and the financing of terrorism. Bahrain India International Exchange is also committed to continually fulfil its Anti-Money Laundering obligations to its foreign correspondent banks/institutions who may from time to time require due diligence information on transactions covered under the guidelines and recommendations of the FATF.  Bahrain India International Exchange is also committed to examining and maintaining its Anti-Money Laundering procedures and control on an on-going basis. To ensure continuity of high standards of Anti-Money Laundering Compliance, our MLRO will monitor and test the Compliance Program with thorough examination of the relevant processes and controls on a regular basis. 

Customer Identity Verification

Customer identity is being verified for any remittance made at the company’s all branches.   Customer identity is also being verified for unusual/suspicious transactions regardless of the amount. 'Know Your Customer / Customer Due Diligence procedures and guidelines’ are scrupulously adhered to.  For transactions in excess of BD.5000/- and wire transfers in excess of USD.1000/- copy of customer’s identity documents (viz. CPR, Driving Licence, Passport) are obtained and kept on record.  A declaration from the customer as to the source of funds and purpose of the remittance duly signed by the customer is also kept on record.  For inward remittances, identification documents of the beneficiaries are obtained and complete details of the remitter are recorded.

Establishment of ultimate beneficial owner of funds

True and ultimate ownership of remittance money is being established before accepting a customer's request in cases where a customer acts on behalf of another person or entity. In such a case, the employee handling the transaction obtains identification details from the customer at our counters. In case of doubt that a transaction might be meant for terrorism or terrorist organizations or for terrorist purposes, Bahrain India International Exchange will freeze the transaction and inform the financial intelligence unit at the Central Bank of Bahrain in writing immediately. This is closely monitored by the MLRO.

Enhanced KYC/due diligence norms

Enhanced due diligence is conducted when transactions appear to be potentially suspicious.  In such cases, the counter staff ask for additional identification documents or documentary proof of source of fund as they deem appropriate.  The profession of the remitter and his capability to send remittances are also fully examined.

Internal Reporting of Unusual/potentially suspicious transaction

All staff handling remittances are required to report any potentially suspicious or unusual transactions, to the MLRO, using our internal reporting system. 

Reporting of unusual/suspicious transactions

All Staff are required to detect and report unusual/potentially suspicious transactions to the MLRO who will in turn, conduct in-depth investigation, and take an appropriate action before reporting such transactions to Anti-Money Laundering Suspicious Case Unit (AMLSCU) at the Central Bank of Bahrain.

Staff Recruitment and Training

Before an employee is recruited, his/her antecedents are verified and ensured that he/she does not have a criminal background.  Training on Anti-Money Laundering is being provided within a month after the employee has joined Bahrain India International Exchange, with follow up training for every employee every year.  This training covers employees with customer contact or those authorized to handle and complete cash and non-cash transactions.  Periodic uptodate training is also imparted as and when needed.  All the staff members whether directly engaged in customer service or not are given training.

Record keeping

All records including, customer's identification documents and related data, transaction data, and any other related documents are maintained and retained for a minimum of five years.

Confidentiality of records and suspicious transactions

All customer and transactional information is kept confidential at all times, and in addition, customers are not advised that their transactions are considered suspicious and being reported to the MLRO internally, or to the Central Bank of Bahrain. The MLRO after conducting an investigation reports the matter directly to the FIU at the Central Bank of Bahrain.  Non-Compliance invites criminal charges against Bahrain India International Exchange, its Chairman, Director, Management, and its employees at fault.