FC-5 FC-5 Suspicious Transaction Reporting
FC-5.1 FC-5.1 Internal Reporting
FC-5.1.1
Conventional bank licensees must implement procedures to ensure that staff who handle customer business (or are managerially responsible for such staff) make a report promptly to the MLRO if they know or suspect that a customer (or a person on whose behalf a customer may be acting) is engaged in money laundering or terrorism financing, or if the transaction or the customer's conduct otherwise appears unusual or suspicious. These procedures must include arrangements for disciplining any member of staff who fails, without reasonable excuse, to make such a report.FC-5.1.2
Where
conventional bank licensees' internal processes provide for staff to consult with their line managers before sending a report to the MLRO, such processes must not be used to prevent reports reaching the MLRO, where staff have stated that they have knowledge or suspicion that a transaction may involve money laundering or terrorist financing.FC-5.2 FC-5.2 External Reporting
FC-5.2.1
Conventional bank licensees must take reasonable steps to ensure that all reports made under Section FC-5.1 are considered by the MLRO (or his duly authorised delegate). Having considered the report and any other relevant information the MLRO (or his duly authorised delegate), if he still suspects that a person has been engaged in money laundering or terrorism financing, or the activity concerned is otherwise still regarded as suspicious, must report the fact promptly to therelevant authorities . Where no report is made, the MLRO must document the reasons why.FC-5.2.2
To take reasonable steps, as required under Paragraph FC-5.2.1,
conventional bank licensees must:(a) require the MLRO to consider reports made under Section FC-5.1.3 in the light of all relevant information accessible to or reasonably obtainable by the MLRO;(b) permit the MLRO to have access to any information, including know your customer information, in theconventional bank licensee's possession which could be relevant; and(c) ensure that where the MLRO, or his duly authorised delegate, suspects that a person has been engaged in money laundering or terrorist financing, a report is made by the MLRO which is not subject to the consent or approval of any other person.FC-5.2.3
Reports to the
relevant authorities made under Paragraph FC-5.2.1 must be sent to the Anti-Money Laundering Unit at the Ministry of the Interior, with a copy sent to the BMA's Compliance Directorate. Reports must be made using the Suspicious Transaction Report (STR) form and related instructions, included in Part B of Volume 1 (Conventional Banks).FC-5.2.4
Conventional bank licensees must report all suspicious transactions or attempted transactions. This reporting requirement applies regardless of whether the transaction involves tax matters.FC-5.2.5
Conventional bank licensees must retain all relevant details of STRs submitted to the relevant authorities for at least five years.FC-5.2.6
In accordance with the AML Law,
conventional bank licensees , their Directors, officers and employees must not warn or inform ("tipping off") their customers, the beneficial owner or other subjects of the STR when information relating to them is being reported to therelevant authorities .FC-5.3 FC-5.3 Contacting the Relevant Authorities
FC-5.3.1
Reports made by the MLRO or his duly authorised delegate under Section FC-5.2 must be sent to the Anti-Money Laundering Unit at the Ministry of the Interior and copied to the Compliance Unit at the Bahrain Monetary Agency at the following addresses:
Anti-Money Laundering Unit
General Directorate of Criminal Investigation
Ministry of Interior
P.O. Box 26698
Manama, Kingdom of Bahrain
Telephone: 17 718888
Fax: 17 715818
E-mail: aecd@batelco.com.bh or amlu@batelco.com.bhHead of Compliance Unit
Bahrain Monetary Agency
P.O. Box 27
Manama, Kingdom of Bahrain
Telephone: 17 547922
Fax: 17 535673
E-mail: cunit@bma.gov.bh; aljaber@bma.gov.bh