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Why does Beban verify investors and business owners’ identities?

Beban ensures all customers (investors and business owners alike) go through money laundering and terrorist financing screening. Beban follows international standards and local regulations that aim to prevent illegal activities and the harm they cause to society.

In order to protect the consumer’s best interest as well as their transactions within a financial institution licensed by the Central Bank of Bahrain, Beban ensure all customers are who they say they are including all their information such as name, address, contact details, purpose of opening an account as well as identification documentation.

How this process is performed:

Beban collects your personal information, contact details, identification documents and screens them against global lists concerning sanctions, counter terrorism, money laundering, adverse economic and political media as well as Politically Exposed Persons (PEPs). Beban ensures your data is protected in the process and access is only allowed on a need-to-know basis. 

Once this process is complete, your account is verified, and you can use your account immediately. In cases where screening takes longer than expected, you will be notified by email if we require further information for your end to complete your verification.