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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Central Bank of Bahrain
مصرف البحرين المركزي

OG/202/2023
5th June 2023

Chief Executive Officer
All Licensees
Manama
Kingdom of Bahrain

Dear Sir/ Madam,

Consultation: Reliance on Third Parties for Customer Due Diligence

As part of the Central Bank of Bahrain’s (CBB) objective to enhance its regulatory framework, CBB is hereby proposing amendments to the Financial Crime Module (Module FC) of the CBB Rulebook – Volumes 1 to 5 and the Anti-Money Laundering & Combating Financial Crime Module (Module AML) of the CBB Rulebook – Volume 6 with respect to ‘Reliance on Third Parties for Customer Due Diligence’.

The proposed amendments are attached and will be available on the CBB website (www.cbb.gov.bh) under the “open consultations” section.

The CBB requests you to provide your comments, including “nil comments” on the proposed amendments in an editable format to consultation@cbb.gov.bh by 4th July 2023.

Yours faithfully,

Rasheed M. Al-Maraj
Governor

هاتف: +973 1754 7000، فاكس: +973 1753 7799، ص.ب 27، المنامة، مملكة البحرين T +973 1754 7500, +973 1754 7555, F +973 1753 7799, P.O. Box 27, Manama, Kingdom of Bahrain, www.cbb.gov.bh

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Reliance on Third Parties for Customer Due Diligence

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