• 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 societies, before 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. Money changers are allowed to conduct business with charities without a certificate where payment is made by a cheque drawn on a bank licensed in Bahrain.

      Amended: January 2021
      October 2010

    • FC-1.6.2

      Charities should be subject to enhanced transaction monitoring. Money changers should develop a profile of anticipated activity (in terms of payee countries and recipient organisations in particular).

      Amended: January 2021
      October 2010

    • FC-1.6.3

      Money changers must provide a monthly report of all payments and transfers of BD3,000 (or equivalent in foreign currencies) and above performed on behalf of charities registered in Bahrain. The report must be submitted to the CBB's Compliance Directorate (see Section FC-5.3 for contact address), giving details of the amount transferred, name of charity, number and beneficiary name account and bank details. 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 2021
      October 2010

    • FC-1.6.4

      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 money changer licensees and payment service providers must not accept or process any incoming or outgoing fund transfers in any form (wire transfer, drafts, etc.) from or to any foreign person or foreign association on behalf of societies and clubs licensed by the Ministry of Youth and Sport Affairs without prior written approval of the Ministry.

      Amended: October 2019
      October 2010

    • FC-1.6.5

      The receipt of a Ministry letter mentioned in Paragraph FC-1.6.4 above does not exempt the concerned money changer from conducting normal CDD measures as outlined in other parts of this Module.

      Amended: January 2021
      October 2010