Custom print

AML-1.1.17

Past version: Effective from 01 Jan 2022 to 31 Dec 2021
To view other versions open the versions tab on the right

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;
(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.

 

Added: January 2022