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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, 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: January 2022
      Amended: October 2014
      Added: July 2010

    • 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, 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), licensees must contact BOC to clarify whether the account may be opened in accordance with the rules of BOC.

      Added: January 2022

    • FC-1.6.2

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

      Amended: January 2022
      Adopted: July 2010

    • FC-1.6.2A

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

      Added: January 2022

    • FC-1.6.3

      Charities should be subject to enhanced transaction monitoring by licensees. Investment firm licensees should develop a profile of anticipated account activity (in terms of payee countries and recipient organisations in particular).

      Adopted: July 2010

    • FC-1.6.4

      Investment firm 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 (see FC-4.3 for contact address), giving details of the amount transferred, account name, number and beneficiary name account and bank details. Investment firm 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 2011
      Adopted: July 2010