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Location: Central Bank of Bahrain Volume 4—Investment Business > Part A > Business Standards > FC Financial Crime > FC-1 Customer Due Diligence > FC-1.9 Shell Banks
  • FC-1.9 Shell Banks

    • FC-1.9.1

      Investment firm licenseesG must not establish business relations with banks which have no physical presence or 'mind and management' in the jurisdiction in which they are licensed and which are unaffiliated with a regulated financial group ('shell banks'). Investment firm licenseesG must not knowingly establish relations with financial institutions that have relations with shell banks.

      Amended: July 2010
      Amended: January 2007

    • FC-1.9.2

      Investment firm licenseesG must make a suspicious transaction report to the Financial Intelligence Unit and the Compliance Directorate if they are approached by a shell bank or an institution they suspect of being a shell bank.

      Amended: July 2010

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