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  • Non-Resident Accounts

    • AML-1.1.17

      Capital Market Licensees that establish a business relationship or transact or deal with non-resident customers must have documented criteria for acceptance of business with such persons. For non-resident customers, assessed as high risk, 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 AML-1.1.24;
      (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

    • AML-1.1.18

      Capital Market Licensees must not accept non-residents customers from high risk jurisdictions subject to a call for action by FATF.

       

      Added: January 2022

    • AML-1.1.19

      Capital Market 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 AML-1.1.18; and
      (c) Countries that are the subject of any other sanctions.

       

      Added: January 2022

    • AML-1.1.20

      Capital Market 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

    • AML-1.1.21

      Capital Market 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 non-resident customers.

       

      Added: January 2022

    • AML-1.1.22

      Capital Market Licensees must ensure that only the official/government documents are accepted for the purpose of information in Subparagraphs AML-1.2.1 (a) to (f) in the case of non-resident customers.

       

      Added: January 2022

    • AML-1.1.23

      [This Paragraph has been deleted in October 2023].

      Deleted: October 2023
      Added: January 2022

    • AML-1.1.24

      Capital Market 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