BackText onlyPrint

You need the Flash plugin.

Download Macromedia Flash Player

Location: Central Bank of Bahrain Volume 4—Investment Business > Part A > Business Standards > FC Financial Crime > FC-1 Customer Due Diligence > FC-1.6 Enhanced Due Diligence: Charities, Clubs and Other Societies
  • FC-1.6 Enhanced Due Diligence: Charities, Clubs and Other Societies

    • FC-1.6.1

      Financial services must not be provided to charitable funds and religious, sporting, social, cooperative, professional and other societies, until an original certificate authenticated by the relevant Ministry confirming the identities of those purporting to act on their behalf (and authorising them to obtain the said service) has been obtained. For Clubs and Societies registered with the General Organisation for Youth and Sports (GOYS), licenseesG must contact GOYS to clarify whether the account may be opened in accordance with the rules of GOYS.

      Amended: October 2014
      Adopted: July 2010

    • FC-1.6.2

      Investment firm licenseesG are reminded that clubs and societies registered with GOYS may only have one account with banks in Bahrain.

      Adopted: July 2010

    • FC-1.6.3

      Charities should be subject to enhanced transaction monitoring by licenseesG . Investment firm licenseesG should develop a profile of anticipated account activity (in terms of payee countries and recipient organisations in particular).

      Adopted: July 2010

    • FC-1.6.4

      Investment firm licenseesG must provide a monthly report of all payments and transfers of BD3,000 (or equivalent in foreign currencies) and above, from accounts held by charities registered in Bahrain. The report must be submitted to the CBB's Compliance Directorate (see FC-4.3 for contact address), giving details of the amount transferred, account name, number and beneficiary name account and bank details. Investment firm licenseesG must ensure that such transfers are in accordance with the spending plans of the charity (in terms of amount, recipient and country).

      Amended: January 2011
      Adopted: July 2010

Back to top