FC-1.6 FC-1.6 Enhanced Due Diligence: Charities, Clubs and Other Societies
FC-1.6.1
Financial services must not be provided to charitable funds and religious, sporting, social, cooperative and professional societies, until an original certificate authenticated by the relevant Ministry confirming the identities of those purporting to act on their behalf (and authorising them to obtain the said service) has been obtained. For Clubs and Societies registered with the General Organisation for Youth and Sports (GOYS), conventional bank licensees must contact GOYS to clarify whether the account may be opened in accordance with the rules of GOYS.
FC-1.6.2
Conventional bank licensees are reminded that clubs and societies registered with GOYS may only have one account with banks in Bahrain.
FC-1.6.3
Charities should be subject to enhanced transaction monitoring by banks. Conventional bank licensees should develop a profile of anticipated account activity (in terms of payee countries and recipient organisations in particular).
FC-1.6.4
Conventional bank licensees must report all payments and transfers of BD 3,000 (or equivalent in foreign currencies) and above, from accounts held by charities registered in Bahrain. The report must be submitted to the BMA's Compliance Unit (see FC-5.3 for contact address), giving details of the amount transferred, account name, number and beneficiary name account and bank details. Conventional bank licensees must ensure that such transfers are in accordance with the spending plans of the charity (in terms of amount, recipient and country).
