Regulatory Alerts2013-05-05
CBB Volume 5 Draft Common Modules for Trust Service Providers
The Central Bank of Bahrain (CBB) issued draft common modules and industry feedback responses establishing comprehensive customer due diligence, reporting, and transaction monitoring standards for Trust Service Providers. The regulations mandate detailed customer identification records, clarify the distinction between customers and counterparties, and standardize document certification by recognizing Jersey and Guernsey as FATF-equivalent jurisdictions. Furthermore, the CBB enforces a strict 20% shareholder verification threshold, permits simplified due diligence for specific financial institutions and GCC-listed companies, and clarifies that automated transaction monitoring primarily applies at the bank level for non-fund-handling TSPs.
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