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FC-1.1.12A

Investment firm licensees that open accounts or otherwise transact or deal with non-resident customers who are natural persons must have documented criteria for acceptance of business with such persons. For non-resident customers, assessed as high risk, investment firm licensees must ensure the following:

(a) Ensure there is a viable economic reason for the business relationship;
(b) Perform enhanced due diligence diligence where required in accordance with Paragraph FC-1.1.15;
(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