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Past version: effective from Jul 1 2010 - Sep 30 2014.
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Investment firm licenseesG may apply simplified customer due diligence measures, as described in Paragraphs FC-1.10.2 to FC-1.10.6, if:

(a) The transaction is a one-off or occasional transaction not exceeding BD 6,000 (or equivalent in other currencies), or one of a number of transactions which are related and, when taken together, do not exceed BD 6,000 per year (or equivalent in other currencies);
(b) The transaction concerns the sale of a security listed on the Bahrain Stock Exchange, and issued as a result of an initial public offering after January 2006, and the customer already holds an investor number, an allotment letter and a valid BSE Form 2 in place. Furthermore, the BSE should have advised the broker (by circular) that all necessary customer due diligence information and copies of all original identification documents will be made available upon request without delay;
(c) The customer is a company listed on a GCC or FATF member state stock exchange with equivalent disclosure standards to those of the BSE;
(d) The customer is a financial institution whose entire operations are subject to AML/CFT requirements consistent with the FATF Recommendations/Special Recommendations and it is supervised by a financial services supervisor in a FATF or GCC member state for compliance with those requirements;
(e) The customer is a financial institution which is a subsidiary of a financial institution located in a FATF or GCC member state, and the AML/CFT requirements applied to its parent also apply to the subsidiary;
(f) The customer is the Bahrain Monetary Agency ('CBB'), the Bahrain Stock Exchange ('BSE') or a licenseeG of the CBB; or
(g) The customer is a Ministry of a Gulf Cooperation Council ('GCC') or Financial Action Task Force ('FATF') member state government, a company in which a GCC government is a majority shareholder, or a company established by decree in the GCC.
Amended: July 2010
Amended: January 2007
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