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Location: Central Bank of Bahrain Volume 4—Investment Business > Part A > Business Standards > FC Financial Crime > FC-4 Suspicious Transaction Reporting > FC-4.2 External Reporting
  • FC-4.2 External Reporting

    • FC-4.2.1

      Investment firm licenseesG must take reasonable steps to ensure that all reports made under Section FC-4.1 are considered by the MLRO (or his duly authorised delegate). Having considered the report and any other relevant information, if the MLRO (or his duly authorised delegate) still suspects that a person has been engaged in money laundering or terrorism financing, or the activity concerned is otherwise still regarded as suspicious, he must report the fact promptly to the relevant authoritiesG . Where no report is made, the MLRO must document the reasons why.

    • FC-4.2.2

      To take reasonable steps, as required under Paragraph FC-4.2.1, investment firm licenseesG must:

      (a) Require the MLRO to consider reports made under Section FC-4.1 in the light of all relevant information accessible to or reasonably obtainable by the MLRO;
      (b) Permit the MLRO to have access to any information, including know your customer information, in the licensee'sG possession which could be relevant; and
      (c) Ensure that where the MLRO, or his duly authorised delegate, suspects that a person has been engaged in money laundering or terrorist financing, a report is made by the MLRO which is not subject to the consent or approval of any other person.
      Amended: January 2007

    • FC-4.2.3

      Reports to the relevant authoritiesG made under Paragraph FC-4.2.1 must be sent to the Financial Intelligence Directorate at the Ministry of the Interior, and to the CBB's Compliance Directorate using the Suspicious Transaction Reporting Online System (Online STR system). STRs in paper format will not be accepted.

      Amended: October 2019
      Amended: July 2016
      Amended: October 2014
      Amended: July 2010
      Amended: January 2007

    • FC-4.2.4

      Investment firm licenseesG must report all suspicious transactions or attempted transactions. This reporting requirement applies regardless of whether the transaction involves tax matters.

    • FC-4.2.5

      Investment firm licenseesG must retain all relevant details of STRs submitted to the relevant authorities, for at least five years.

    • FC-4.2.6

      In accordance with the AML Law, investment firm licenseesG , their DirectorsG , officers and employeesG :

      (a) Must not warn or inform ('tipping off') their customers, the beneficial owner or other subjects of the STR when information relating to them is being reported to the relevant authoritiesG ; and
      (b) In cases where investment firm licenseesG form a suspicion that transactions relate to money laundering or terrorist financing, they must take into account the risk of tipping-off when performing the CDD process. If the investment firm licenseeG reasonably believes that performing the CDD process will tip-off the customer or potential customer, it may choose not to pursue that process, and must file an STR.
      Amended: January 2018
      Amended: January 2007

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