Anti-Money Laundering and Terrorist Financing Statement

  • The National Bank of Bahrain-KSA branch is committed to applying the highest possible standards in combating money laundering and terrorist financing activities. It must implement programmes against money laundering and terrorist financing by establishing and maintaining appropriate systems and controls to limit vulnerability to financial crime.
  • The branch complies with all aspects of legislation and regulations related to anti-money laundering and combating terrorist financing, as mandated by applicable laws, rules, and guidelines issued by the Saudi Central Bank (SAMA) and the Financial Action Task Force (FATF) recommendations, including the following:
    1. An independent AML Department has been established to oversee the branch’s anti-money laundering function. This department handles the reporting of suspicious transactions to the relevant authorities.
    2. Customer identification procedures, including Know Your Customer (KYC), must always be complied with both at the time of establishing business relations and on an ongoing basis. The key elements of our customer screening and monitoring procedures are:
      • Verifying the identity of the customer and the source of funds prior establishing a relationship.
      • Implementing an account transaction monitoring mechanism and reporting suspicious transactions involved in money laundering or other unlawful activities to the appropriate local supervisory regulatory authority.
      • Conducting enhanced due diligence (EDD) on customers considered to be in a higher risk category.
      • Implementing ongoing account monitoring of PEP accounts.
      • Holding regular employee training programmes bank-wide to spread awareness among employees about identifying suspicious activities, actions to be taken upon detection of such activities, and reporting mechanisms.
    • The National Bank of Bahrain-KSA branch is fully committed to remaining vigilant to prevent the misuse of our products and services. Operating procedures are reviewed and updated regularly to ensure that any changes in legislation or guidelines are incorporated immediately
    • The NBB-KSA branch complies with the Foreign Account Tax Compliance Act (FATCA) regulations.