Here is the rewritten article in markdown format:

Anti-Money Laundering and Combating Financial Crime: Key Requirements for Capital Market Service Providers

The Central Bank of Bahrain requires Capital Market Service Providers (CMSPs) to implement a Risk-Based Approach (RBA) to manage and mitigate Money-Laundering, Terror Financing, and Proliferation Financing (ML/TF/PF) risks.

Key Points

1. Implementing a Risk-Based Approach

• CMSPs must implement an RBA to manage and mitigate ML/TF/PF risks throughout the course of business relationships with customers.

2. Customer Risk Profile

• CMSPs must conduct risk assessments of customers during the establishment of the business relationship and throughout the course of that relationship.
  • This includes considering the following factors:
    • Country risk: Customers with residence in or connection with high-risk jurisdictions
    • Customer risk: Type of customer, e.g., resident or non-resident, occasional or one-off, legal person structure, status as PEP (Politically Exposed Person), occupation
    • Products, services, and transactions risk: Services that inherently provide more anonymity, ability to pool underlying customers/funds, cash-based or face-to-face or non-face-to-face or domestic or cross-border
    • Delivery/distribution channel risk: The distribution channel for products may alter the risk profile of a customer

3. Risk Assessment and Mitigation

• CMSPs must have in place policies, controls, and procedures to enable them to manage and mitigate identified risks.
• These policies should include periodic reviews to keep assessments up-to-date.

4. Periodic Review

• CMSPs must conduct a periodic review of their risk assessments at least annually.

5. Additional Risk Assessments

• CMSPs may be required by the CBB (Central Bank of Bahrain) to conduct additional risk assessments, which may include expanding relevant risk factors or increasing the frequency of reviews.

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