CBB Volume 5: Contents

Central Bank of Bahrain Volume 5—Specialised Licensees
Specific Modules (By Type of Licensee)
Type 7: Ancillary Service Providers
Part A
High Level Standards
AU Ancillary Service Providers Authorisation Module
AU-4 Information Requirements and Processes
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Location: Central Bank of Bahrain Volume 5—Specialised Licensees > Specific Modules (By Type of Licensee) > Type 7: Ancillary Service Providers > Part A > High Level Standards > AU Ancillary Service Providers Authorisation Module > AU-4 Information Requirements and Processes > AU-4.7 Additional Requirements for Payment Service Providers, PISPs and AISPs > Internal Control Mechanisms to comply with AML/CFT obligations > AU-4.7.5
  • Internal Control Mechanisms to comply with AML/CFT obligations

    • AU-4.7.5

      The applicant must establish a description of the internal control mechanisms containing, where applicable, the following information:

      (a) the applicant's assessment of the money laundering and terrorist financing risks associated with its business;
      (b) the measures the applicant has or will put in place to mitigate the risks and comply with applicable anti-money laundering and counter terrorist financing obligations, including the applicant's risk assessment process, the policies and procedures to comply with customer due diligence requirements, and the policies and procedures to detect and report suspicious transactions or activities;
      (c) arrangements the applicant has or will put in place to ensure that staff and agents are appropriately trained in anti-money laundering and counter terrorist financing matters;
      (d) the identity of the person in charge of ensuring the applicant's compliance with anti-money laundering and counter-terrorism obligations, and evidence that their anti-money laundering and counter-terrorism expertise is sufficient to enable them to fulfil this role effectively;
      (e) the systems and controls the applicant has or will put in place to ensure that its anti-money laundering and counter terrorist financing policies and procedures remain up to date, effective and relevant;
      (f) the systems and controls the applicant has or will put in place to ensure that the agents do not expose the applicant to increased money laundering and terrorist financing risk; and
      (g) the draft anti-money laundering and counter terrorism manual for the staff of the applicant (to be provided following receipt of in-principle approval from the CBB).
      Added: December 2018

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