Anti Money Laundering Statement
Ahli United Bank B.S.C. (AUB) is a joint stock company which is licensed and regulated by the Central Bank of Bahrain (CBB) and listed on the Bahrain and Kuwait Stock Exchanges.
The Kingdom of Bahrain defines money laundering and terrorist financing as criminal offences. The supporting Financial Crime Regulations implemented by the CBB is based on the principles of the Financial Action Task Force (FATF). (The Financial Crime Regulations issued by the Central Bank of Bahrain can be accessed by visiting the website: www.cbb.gov.bh)
In keeping with this regulation, AUB and its Group Banks (the “AUB Group”) maintain appropriate customer screening, monitoring and related due diligence procedures that are designed to prevent the AUB Group from doing business with entities which engage in money laundering practices or illegal activity. In relation to incorporated entities, these processes extend to the individuals that control such corporations. Officers and relevant staff of all members of the AUB Group are made aware of policies, procedures and processes and are mandated to adhere to them. Written records documenting compliance with such procedures are maintained. We also require that all correspondent banks with which the AUB Group does business maintain appropriate procedures.
AUB policy requires that all relevant staff of the AUB Group who deal with customers and / or who are managerially responsible for handling customer relationships, must undergo annual training on Anti-Money Laundering and Know Your Customer (KYC) regulation and procedures.
AUB also requires all Respondent banks with which the AUB Group does business, to have appropriate money laundering prevention mechanisms in place. The AUB Group does not maintain accounts with anonymous principals and does not conduct business with any bank which does not maintain a physical presence in jurisdiction in which it is licensed and which is not a regulated affiliate.
FATCA & CRS
Ahli United Bank B.S.C., its subsidiaries and its associates are compliant with the requirements of FATCA and CRS, where applicable.
Foreign Account Tax Compliance Act (FATCA) is United States (US) Tax Law aimed at curbing tax evasion by US citizens and residents through the use of offshore accounts maintained outside the United States. It requires Foreign (non-US) Financial Institutions (FFIs) to identify their US clients (both individual and entities) and report on their account information to the Internal Revenue Service (IRS).
Common Reporting Standard (CRS) is a commonly used term for Automatic Exchange of Information (AEOI) in Tax Matters. CRS is published by Organization for Economic Co-operation and Development (OECD) and supported by G20 countries. Article 6 of the Convention on Mutual Administrative Assistance in Tax Matters provides a legal framework for its implementation globally. The main objective of CRS is to improve tax transparency through information sharing about financial assets of tax residents of a country in other jurisdictions participating in the CRS program.