The Ministry of Industry, Commerce and Tourism has issued a guide, “AML Defence mechanism for Jewellers, Bahrain”, to help them understand their responsibilities for Prevention of Money Laundering/Terrorism Financing and enlighten them about numerous threats.
An individual is considered carrying out Money Laundering if he is involved in Directing, channelizing, possessing the proceeds of the crime, and concealing the source of Income. f
The customer directly/indirectly tries to avoid the documentation and reporting. He has a thorough knowledge of the Money laundering Law and justifies the transaction, etc
The individual provides forged/false documents. He is unable to produce the originals, share the telephone number. A corporate is reluctant to share Memorandum and Articles, Commercial registration certificate and other Identity documents, etc
There is an unusual increase in cash transactions from the customers. The Banknotes are oddly packed, dirty/musty, are a combination of different denominations, etc.
The transaction is very complicated and is not economically feasible. The transaction is not related to the customer’s normal business activities, etc
The customer has no link to Bahrain, and the transaction is crossing many international borders. The customers are associated with High-Risk countries, etc.
The Risk-Assessment should be done on the following key-points
The guide issued also discusses how a Company can file suspicions transaction report (STR), implementation of the “PROTECT” self-defence toolkit for the Jewellers, Customer Due Diligence (CDD), Enhanced due -Diligence (EDD)
Click Below To Download the Complete Guide
Also Check A Short Guide to Money Laundering and Terrorism Financing
