Regulatory Alerts2022-04-14
Dealing with Accounts of Expatriates Whose Work Permits Have Expired and Who Are No Longer Residing in the Kingdom
The Central Bank of Bahrain proposes new compliance requirements for financial licensees managing accounts of expatriates with expired or unrenewed work permits who no longer reside in the Kingdom. Licensees must update customer KYC data upon learning of non-residency, may temporarily suspend unresponsive accounts, and must immediately freeze accounts operated by unauthorized third parties. To facilitate implementation, the regulator will distribute weekly lists of affected expatriates sourced from the Labour Market Regulatory Authority.
Share