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Bahrain authorities have increased vigilance on all commercial dealings in recent days – particularly cash transactions involving large sums of money.
A senior official at the Central Bank of Bahrain confirmed that along with financial institutions, commercial organisations including automobile dealers, charitable organisations and real estate companies have been briefed about the strict rules and regulations which must be adhered to.
In recent weeks several motor dealers on the island have been contacted and advised to increase their vigilance and introduce new paperwork procedures for cash transactions above an undisclosed amount.
Abdul Rahman M Al Baker, executive director - financial institutions supervision, said: “Bahrain’s regulations cover every sector of the economy. It is in line with international money laundering regulations.
“Companies that deal in large sums of cash require completing a ‘know your client’ document (KYC) and reporting if there are any suspicious dealings. This covers every sector of the economy, not just a bank or an insurance company. It is critical to know who you are dealing with and what his source of income is.
“The regulation has been in place for a long time. We have to ensure that it is implemented.”
