FSA Organizes a Training Workshop on Due Diligence Measures

07 November 2024

The Financial Services Authority (FSA) organized the 2nd edition of the “Know Your Customer” training workshop on Thursday, November 7th, 2024. The workshop, that sheds light on the regulatory due diligence measures, comes as part of the FSA’s continuous efforts to raise awareness and understanding of the effective implementation of the requirements for combating money laundering and financing terrorism as per the plan set for this year.

 

The workshop, which is organized in cooperation with Bahrain Institute of Banking & Finance, targets compliance officers and operations’ employees in the companies operating in the field of securities and insurance companies.  It aims to enhance awareness of due diligence requirements and the policies of combating money laundering and financing terrorism in the context of the changes in foreign investments and adopting Fintech in the financial sector. Due diligence measures are not limited to filling forms but they also include understanding of risks related to customers and transactions and creating detailed files for customers.

 

Additionally, the workshop discussed the legislative front for the due diligence requirements including the mechanisms followed for knowing customers and verifying their identities, and the continuous monitoring of the business relationship based on the anti-money laundering and combating financing terrorism risks as well as the tenth recommendation of the Financial Action Task Force (FATF) and its requirements.

 

The FSA, represented by the Anti-Money Laundering and Combating Financing Terrorism Department, seeks to raise awareness on how to identify Indications of suspicion and following the required procedures to limit such offences.  The Workshop comes as a part of a series of programs and workshops related to Anti-Money Laundering and Combating Financing Terrorism, as per the department’s plan for this year.