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  • 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 and other 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.

      Amended: October 2014
      Amended: January 2013
      October 07

    • FC-1.6.1A

      For the purpose of Paragraph FC-1.6.1, for clubs and societies registered with the Ministry of Youth and Sport Affairs, conventional bank licensees must contact the Ministry to clarify whether the account may be opened in accordance with the rules of the Ministry. In addition, in the case of sport associations registered with the Bahrain Olympic Committee (BOC), conventional bank licensees must contact BOC to clarify whether the account may be opened in accordance with the rules of BOC.

      Amended: July 2019
      Added: January 2013

    • FC-1.6.2

      Conventional bank licensees are reminded that clubs and societies registered with the Ministry of Youth and Sport Affairs may only have one account with banks in Bahrain.

      Amended: July 2019
      Amended: January 2013
      October 07

    • FC-1.6.2A

      Pursuant to Article (20) of the Consolidated Financial Regulations for Sports Clubs issued in 2005, Conventional bank licensees must not change or open additional bank accounts for Clubs and Youth Centres without obtaining the prior approval of the Ministry of Youth and Sport Affairs.

      Added: July 2019

    • 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).

      Amended: January 2013
      October 07

    • FC-1.6.4

      Conventional bank licensees must provide a monthly report of all payments and transfers of BD3,000 (or equivalent in foreign currencies) and above, from accounts held by charities registered in Bahrain. The report must be submitted to the CBB's Compliance Directorate 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).

      Amended: January 2013
      Amended: January 2011
      October 07

    • FC-1.6.5

      Article 20 of Decree Law No. 21 of 1989 (issuing the Law of Social and Cultural Societies and Clubs and Private Organizations Operating in the Area of Youth and Sport and Private Institutions) provides that Conventional bank licensees must not accept or process any incoming or outgoing fund transfers in any form (wire transfer, cheques, etc.) from or to any foreign association on behalf of charity and non-profit organisations, societies and clubs licensed by the Ministry of Labour and Social Development or the Ministry of Youth and Sport Affairs without the prior approval of the relevant Ministry.

      Amended: July 2019
      Amended: October 2014
      Added July 09

    • FC-1.6.6

      The receipt of a Ministry letter mentioned in FC-1.6.5 above does not exempt the concerned bank from conducting normal CDD measures as outlined in other parts of this Module.

      Added July 09