CBB Volume 1: Contents

Central Bank of Bahrain Volume 1—Conventional Banks
Part A
Business Standards
FC Financial Crime
FC-1 Customer Due Diligence
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For accounts held by intermediaries resident in Bahrain, where such funds are co-mingled, the conventional bank licenseeG must make a reasonable effort (in the context of the nature and amount of the funds received) to look beyond the intermediary and determine the identity of the beneficial owners or underlying clients, particularly where funds are banked and then transferred onward to other financial institutions (e.g. in the case of accounts held on behalf of authorised money transferors). Where, however, the intermediary is subject to equivalent regulatory and money laundering regulation and procedures (and, in particular, is subject to the same due diligence standards in respect of its client base) the CBB will not insist upon all beneficial owners being identified provided the conventional bank licenseeG has undertaken reasonable measures to determine that the intermediary has engaged in a sound customer due diligence process, consistent with the requirements in Section FC-1.8.

Amended: October 2014
October 07
(2 Versions)
Oct 1 2007 - Sep 30 2014Oct 1 2014 onwards
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