Regulatory Alerts2022-09-08
Central Bank of Bahrain Amendments to Financial Crime Module on Crypto-asset Transfers
The Central Bank of Bahrain requires investment firm licensees to deploy technology and transaction monitoring systems that verify the origin, destination, and legitimacy of all crypto-asset transfers. The regulation classifies these movements as cross-border, mandates complete originator and beneficiary data for inward and outward transfers, and compels immediate Suspicious Transaction Reports for tainted or suspicious wallet addresses. It further assigns specific information transmission, retention, and verification duties to ordering, intermediary, and beneficiary financial institutions while updating the Financial Crime Module glossary.
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