Seera is licensed and operates under the supervision of Central Bank of Bahrain (CBB). Compliance Risk is considered to be a critical area and Seera is dedicated to comply with all relevant regulatory provisions and the industry best practices which includes compliance with the CBB Law and Regulations, Bahrain Commercial Companies Law and the AML Decree Law No. (4) of 2001 with respect to the Prevention & Prohibition of the Laundering of Money.
In this regards, Seera has established an independent Compliance Department to act as a focal point for regulatory compliance and to comply with other compliance best practices, in keeping with the CBB regulations and Basel Committee best practices.
Seera recognizes money laundering and terrorist financing as significant risks to the financial sector and has taken measures including a comprehensive Know Your Customer (KYC) process to ensure that the Bank does not provide financial services to listed terrorists and/or sanctioned names notified by competent authorities.
The Bank’s Anti-Money Laundering and Combating of Terrorism Financing (AML/CFT) Program is based on the CBB‘s AML/CFT Regulation and the FATF 40+9 Recommendations, and is approved by the Board. The Banks AML/CFT policies and procedures includes customer identification and due diligence, monitoring , suspicious transaction reporting, staff training and record keeping which is implemented with the intention of deterring criminals from using the Bank’s services for laundering the proceeds of crime.