Money Laundering Overview
Money laundering is the process of concealing the origin of illegal funds derived from criminal activities with the intent of legalizing the funds so that they can be used freely. It is a process that takes illegal money through a cycle of transactions so that the illegal source is obscured and it comes out at the end as apparently legitimate funds.
If undertaken successfully, it also allows the perpetrator(s) to maintain control of those proceeds and ultimately, provides a legitimate cover for their source of income.
- VC Bank is committed to full compliance with the anti money laundering (AML) and combating financing of terrorism (CFT) regulations of the Kingdom of Bahrain, and with industry best practice.
- The Bank intends to maintain the highest operating standards at all times, and has instituted anti-money laundering controls and procedures in compliance with the AML/CFT regulations of the Central Bank of Bahrain to reduce the risk of being used for or associated with money laundering activities, including the following:
- The appointment of a designated Money Laundering Reporting Officer and clear procedures for internal and external reporting of suspicious transactions
- Detailed Anti Money Laundering policy and procedures
- KYC documentation and checks on customer identity and source of funds
- Maintenance of transaction records for a minimum of 5 years
- Staff training and awareness programs
- Annual AML compliance review and monitoring
Any suspicious transactions noted may be reported by any person confidentially to the MLRO through the dedicated email: MLRO@VC-Bank.com. Kindly provide as much information as possible about the details of the nature of the suspicious transaction, and your contact details.