Bahrain: corporate bank account opening
Company records, shareholder checks and account mandates for Bahrain's conventional and Islamic banks under CBB rules.
Bahrain · Banks · Central Bank of Bahrain
Corporate customers, including overseas companies · Account opening: AML/CDD review
By Matthew Lee
Registry: Sijilat commercial registration system
Use the Financial Crime module for the bank's licence: Volume 1 for conventional banks and Volume 2 for Islamic banks. Obtain registration and constitutional records, addresses and business details. The Bahrain registry guide explains Sijilat commercial-registration information.
Shareholders and control
The corporate provisions include identification and verification of shareholders holding 20% or more of issued capital where applicable. Establish the ultimate beneficial owner, fund provider and controller where these differ. Obtain ownership and control records for relevant corporate layers.
Check the company's status and identify directors as required. Verify the representative and obtain the mandate authorising the account, operators and signature arrangements.
Business and funding
Record expected receipts, payments and funding sources. Obtain contracts or financing documents needed to substantiate the activity. For an Islamic financing arrangement, retain the documents explaining the underlying transactions and counterparties relevant to the account.
Apply the module's enhanced and PEP measures where required. Resolve sanctions findings and complete the relevant verification before commencing the relationship, subject to permitted timing provisions.
Revisit ownership and mandate evidence when shareholders or operators change. Review unexplained changes to payment activity through ongoing monitoring and preserve the relevant findings and decisions under the applicable FC record rules.