Back Custom print Link Text Only Rich Text Print

  • Timing of Verification

    • FC-1.1.10

      Islamic bank licensees must not commence a business relationship or undertake a transaction with a customer before completion of the relevant customer due diligence measures specified in Chapters 1, 2 and 3. However, verification may be completed after receipt of funds in the case of: Bahrain companies under formation which are being registered with the Ministry of Industry and Commerce; or newly arrived persons in Bahrain who are taking up employment or residence.

      Amended: January 2024
      Amended: January 2022
      Amended: October 2013
      Added: October 07

    • FC-1.1.10A

      Islamic bank licensees must ensure they adopt adequate risk management procedures and perform risk assessments with respect to the conditions under which a customer may utilise the business relationship prior to verification.

      Added: January 2024