Regulatory Alerts2023-07-04
Reliance on Third Parties for Customer Due Diligence
The Central Bank of Bahrain proposes targeted amendments to its Financial Crime and Anti-Money Laundering modules to standardize how licensees rely on third parties for customer due diligence. These updates revise the CBB Rulebook across Volumes 1 to 6, clarifying eligibility criteria and ongoing compliance responsibilities for outsourced due diligence functions. Licensees must submit written feedback, including nil responses, in an editable format by 4 July 2023 to inform the finalization of these regulatory changes.
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