Summary
This document is a guide detailing the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations in Bahrain. It outlines the framework established by Bahrain’s Anti Money Laundering Law of 2001, emphasizing a risk-based approach and customer due diligence (CDD) measures. The guide specifies the requirements for identity verification, including necessary documents and methods for compliance. It discusses the importance of due diligence, particularly for Politically Exposed Persons (PEPs), and the measures that can be taken to ensure compliance with AML regulations. The document also highlights the reliance on external services for due diligence and the obligations of clients to retain records for a minimum of five years. Overall, it serves as a comprehensive reference for organizations seeking to understand and implement AML and KYC procedures in accordance with Bahraini law.
