Back Custom print Link Text Only Rich Text Print

  • Non-Resident Accounts

    • FC-1.1.12A

      Conventional retail bank licensees that open bank accounts or otherwise transact or deal with non-resident customers must have documented criteria for acceptance of business from such persons. For non-resident customers, conventional retail bank licensees must ensure the following:

      (a) Ensure there is a viable economic reason for the business relationship;
      (b) Perform enhanced due diligence where required in accordance with Paragraph FC-1.1.17;
      (c) Obtain and document the country of residence for tax purposes where relevant;
      (d) Obtain evidence of banking relationships in the country of residence;
      (e) Obtain the reasons for dealing with licensee in Bahrain;
      (f) Obtain an indicative transaction volume and/or value of incoming funds; and
      (g) Test that the persons are contactable without unreasonable delays.
      Amended: October 2023
      Added: January 2022

    • FC-1.1.12B

      Conventional retail bank licensees that open bank accounts or otherwise transact or deal with non-resident customers must have documented approved policies in place setting out the products and services which will be offered to non-resident customers. Such policy document must take into account a comprehensive risk assessment covering all risks associated with the products and services offered to non-residents. The licensee must also have detailed procedures to address the risks associated with the dealings with non-resident customers including procedures and processes relating to authentication, genuineness of transactions and their purpose.

      Added: January 2022

    • FC-1.1.12C

      Conventional bank licensees must not accept non-residents customers from high risk jurisdictions subject to a call for action by FATF.

      Added: January 2022

    • FC-1.1.12D

      Conventional bank licensees must take adequate precautions and risk mitigation measures before onboarding non-resident customers from high risk jurisdictions. The licensees must establish detailed assessments and criteria that take into consideration FATF mutual evaluations, FATF guidance, the country national risk assessments (NRAs) and other available guidance on onboarding and retaining non-resident customers from the following high risk jurisdictions:

      (a) Jurisdictions under increased monitoring by FATF;
      (b) Countries upon which United Nations sanctions have been imposed except those referred to in Paragraph FC-1.1.12C; and
      (c) Countries that are the subject of any other sanctions.
      Added: January 2022

    • FC-1.1.12E

      [This Paragraph was deleted in October 2023].

      Added: January 2022
      Deleted: October 2023

    • FC-1.1.12F

      All conventional bank licensees must establish systems and measures that are proportional to the risk relevant to each jurisdiction and this must be documented. Such a document must show the risks, mitigation measures for each jurisdiction and for each non-resident customer.

      Added: January 2022

    • FC-1.1.12G

      All conventional bank licensees must establish a comprehensive documented policy and procedures describing also the tools, methodology and systems that support the licensee’s processes for:

      (a) The application of RBA;
      (b) Customer due diligence;
      (c) Ongoing transaction monitoring; and
      (d) Reporting in relation to their transactions or dealings with nonresident customers.
      Added: January 2022

    • FC-1.1.12H

      Conventional bank licensees must ensure that only official/government documents are accepted for the purpose of information in Subparagraphs FC-1.2.1 (a) to (f) in the case of non-resident customers.

      Added: January 2022

    • FC-1.1.13

      [This Paragraph was deleted in January 2024].

      Deleted: January 2024
      Amended: January 2022
      Amended: April 2014
      Added: October 2013

    • FC-1.1.13A

      [This Paragraph was deleted in January 2024].

      Deleted: January 2024
      Added: April 2014
       

    • FC-1.1.13B

      [This Paragraph was deleted in January 2024].

      Deleted: January 2024
      Added: April 2014
       

    • FC-1.1.13C

      [This Paragraph was deleted in January 2024].

      Deleted: January 2024
      Added: April 2014
       

    • FC-1.1.13D

      [This Paragraph was deleted in January 2024].

      Deleted: January 2024
      Added: October 2017
       

    • FC-1.1.13E

      [This Paragraph was deleted in January 2024].

      Deleted: January 2024
      Added: October 2017
       

    • FC-1.1.13F

      [This Paragraph was deleted in January 2024].

      Deleted: January 2024
      Added: October 2017

    • FC-1.1.13G

      [This Paragraph was deleted in January 2024].

      Deleted: January 2024
      Added: October 2017

    • FC-1.1.13H

      [This Paragraph was deleted in January 2024].

      Deleted: January 2024
      Added: October 2017

    • FC-1.1.14

      [This Paragraph was deleted in October 2023].

      Deleted: October 2023
      Amended: January 2023
      Amended: April 2021
      Amended: January 2021
      Added: October 2013

    • FC-1.1.14A

      [This Paragraph was deleted in October 2023].

      Added: July 2022
      Deleted: October 2023

    • FC-1.1.14B

      [This Paragraph was deleted in October 2023].

      Added: January 2023
      Deleted: October 2023

    • FC-1.1.15

      Where a non-resident account is opened, the customer must be informed by the conventional bank licensee of any services which may be restricted or otherwise limited, as a result of their non-resident status.

      Added: October 2013

    • FC-1.1.16

      For purposes of Paragraph FC-1.1.15, examples of limitations or restrictions for non-resident accounts may include limitations on banking services being offered including the granting of loans or other facilities, including credit cards or cheque books.

      Added: October 2013

    • FC-1.1.17

      Conventional bank licensees must follow the below CDD and customer onboarding requirements:

        Enhanced Due Diligence Digital Onboarding
      Bahrainis and GCC nationals (wherever they reside) and expatriates resident in Bahrain No Yes
      Others Yes Yes
      Added: October 2023