Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Statement
Payment International Enterprise B.S.C. (Closed) is committed to the highest standards of Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Sanctions compliance. As a Central Bank of Bahrain (CBB) licensed and regulated Ancillary Services Provider (Payment Services Provider and Card Processor), we strictly adhere to the CBB Rulebook – Volume 5 (Financial Crime Module) and applicable Bahraini legislation including Decree Law No. 4 of 2001 and its amendments.
Our AML/CFT framework is aligned with the best international practices and global standards, including those set by the Financial Action Task Force (FATF), United Nations Security Council (UNSC), Office of Foreign Assets Control (OFAC), and European Union sanctions programs.
- Board of Directors’ approved AML/CFT policies and procedures;
- A designated Money Laundering Reporting Officer (MLRO);
- AML/CFT Risk Assessment, System, Process and Controls;
- Risk-based approach to customer due diligence (CDD), including enhanced due diligence (EDD) for high-risk categories and restrictions on onboarding of certain high-risk customer types (e.g., anonymous accounts, shell banks, etc., – as per regulatory guidance);
- Ongoing transaction monitoring and reporting of suspicious activity to the relevant authorities;
- Sanctions screening against local and international watchlists. PIE does not engage in business with:
- Companies incorporated in, or conducting trade with, jurisdictions subject to applicable sanctions;
- Individuals residing in countries subject to international sanctions or restrictions; and/ or
- Transactions originating from, destined to, or transiting through prohibited jurisdictions.
- Implementation of a Know Your Employee (KYE) program;
- Periodic AML/CFT training for relevant staff across departments;
- Independent audit and testing of the AML/CFT framework; and
- Annual external review of AML/CFT effectiveness, reported to the Board and submitted to the CBB.