Regulatory Alerts2023-12-24
Second Consultation on Amendments to the Financial Crime Module
The Central Bank of Bahrain has issued this consultation to amend its Financial Crime Module, clarifying Customer Due Diligence requirements for onboarding companies under formation and newly arrived persons. The amendments permit licensees to receive funds before full verification while restricting disbursements, and establish distinct rules for capital injection and formation expense accounts alongside a mandatory six-month suspension or closure timeline. Licensees must implement risk-based procedures, including Sijilat system integration and transaction monitoring, to ensure compliance without imposing undue operational burdens.
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