Compliance and Anti-Money Laundering

As a licensed conventional wholesale bank and listed company, SICO has in place comprehensive policies and procedures to ensure full compliance with the relevant rules and regulations of the Central Bank of Bahrain and the Bahrain Bourse. The Bank has an independent Compliance unit in keeping with Basel and CBB guidelines. The Compliance unit acts as the central coordinator for all matters relating to regulatory reporting and other requirements. 

In 2014, the Kingdom of Bahrain’s Government signed Intergovernmental Agreement Model 1 with the United States of America. SICO registered as Registered Deemed-Compliant Financial Institution (including a Reporting Financial Institution under a Model 1 IGA) with the Internal Revenue Service, and obtained a Global Intermediary Identification Number for the Bank and its subsidiaries.

Anti-money laundering measures are also an important area of the Compliance unit, with a designated Money Laundering Reporting Officer (MLRO) and Deputy MLRO. The Bank has documented anti-money laundering and combating the financing of terrorism procedures, in conformity to the regulatory requirements in the Kingdom of Bahrain. SICO has implemented a risk-based automated transaction monitoring system, which further enhances the Bank’s anti-money laundering measures in line with the regulations of the CBB.