Bahrain's Ministry of Social Development has publicly welcomed AMAN Compliance Solutions' partnership with Family Microfinance House (FMH) at a ceremony held at the Ministry's headquarters in Manama.
FMH signed a five-year agreement with AMAN last month. The agreement strengthens FMH's financial-crime compliance capabilities as it continues to expand access to Sharia-compliant finance for low-income Bahrainis, micro-entrepreneurs and small businesses. Today's ceremony brought the Ministry, FMH and AMAN together to mark that partnership and its role in supporting the Kingdom's wider social and economic development goals.
Momentum behind AMAN has been building all year. Just last month, BENEFIT, Bahrain's largest fintech and national payments provider, signed a service agreement to adopt AMAN's platform for its own compliance and financial-crime prevention activities. AMAN has also partnered with Millenial Auditing to bring its screening tools to Millenial's regional client base.
AMAN's growth in the Kingdom has been underpinned by the support of the Bahrain Economic Development Board (Bahrain EDB) and the Labour Fund, Tamkeen. Bahrain EDB has facilitated AMAN's establishment in Bahrain as part of its mandate to attract investment into the Kingdom, while Tamkeen's support has helped AMAN build local capability and expand its Bahrain-based team as the platform scales nationally.
As the Kingdom’s national anti-financial crime platform, AMAN is part of a national roll out designed to ensure all firms in Bahrain are meeting local AML, CTF & anti-fraud laws and regulations as well as international best practices. This is especially important as the country prepares to go through its next FATF evaluation at the end of this year and shows the Kingdom's proactive approach to its anti-money laundering strategy, financial governance and transparency as a trusted international financial centre.
H.E. Mr. Osama bin Saleh AlAlawi, Minister of Social Development and Chairman of the Board of Directors of Family Microfinance House, affirmed that the framework strengthens the institution’s governance and compliance framework and supports compliance with the Central Bank of Bahrain’s requirements. He highlighted the importance of advanced technological solutions in combating money laundering and terrorist financing and safeguarding financial transactions.
Simon Martin CMG, British Chargé d'Affaires ad interim to the Kingdom of Bahrain, said: “AMAN is a strong example of what the UK–Bahrain partnership can deliver. It is encouraging to see a British anti-financial crime technology company establishing itself in Bahrain and applying UK expertise to support the Kingdom’s financial institutions. The UK and Bahrain share a firm commitment to tackling illicit finance, and we are pleased to see AMAN working with Family Microfinance House to advance this important agenda”
Adel Abdulmalek, Chief Executive Officer and BoardMember of Family Microfinance House, said: "Having the Ministry of Social Development recognise this partnership means a great deal to us. Our mission is to expand financial inclusion and create sustainable opportunities for families and entrepreneurs across Bahrain. Strong financial-crime controls are part of doing that responsibly."
Dickon Johnstone, Group Chief Executive Officer of AMAN Compliance Solutions, said: "This is an important moment for AMAN.FMH plays a vital role in Bahrain's social and economic development, and we are proud to support that mission. Having the Ministry stand alongside us, alongside the momentum we've built with BENEFIT, and Millenial Auditing, shows just how central financial-crime compliance has become to Bahrain's national agenda."
