Regulatory Alerts2014-11-19
Proposed Amendments to the Financial Crime Module for Bank and Investment Firm Licensees
The Central Bank of Bahrain issued this consultation document to finalize proposed amendments to its Financial Crime Module, incorporating industry feedback from conventional bank and investment firm licensees. The revised rules clarify key definitions for politically exposed persons, money and value transfer services, and qualifying wire transfers while adjusting compliance expectations for domestic and foreign beneficial owners. Licensees must now ensure their Money Laundering Reporting Officers maintain robust internal risk assessments, streamline enhanced due diligence for high-risk jurisdictions, and utilize the CBB’s online system for suspicious transaction reporting.
Share