Key Obligations
🔍 Customer Due Diligence
Identify and verify client identity before engagement. Understand the nature of client's business. Identify beneficial owners. Enhanced due diligence for PEPs and high-risk clients. Ongoing monitoring of business relationship.
🚨 Suspicious Reporting
Report to Financial Intelligence Directorate (FID). No tipping off — criminal offence. Internal reporting procedures required. MLRO (Money Laundering Reporting Officer) appointment mandatory for firms.
📁 Record Keeping
Maintain CDD documents for 5 years after relationship ends. Transaction records for 5 years. Staff training records. Risk assessment documentation. Available for inspection by MOIC.
🏛️ FATF Standards
Bahrain — FATF Mutual Evaluation member. Recent enhancement of AML/CFT framework. Tax evasion is now a predicate offence. Accountants and tax advisors are DNFBPs (Designated Non-Financial Businesses and Professions).