Middle East Region (International Financial Markets Guide)

Bahrain

Al Mahmood & Zu'bi

General

1. Telephone taping

(a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales of banking or financial products or insurance services?

Taping is only permitted when contractually agreed. Recordings may not be admitted into evidence unless the tape is held in custody by a third party.

(a)(ii) When might they apply to entities conducting business cross-border?

See (i) above.

(b) What are the exemptions from these requirements?

None.

2. Money laundering

(a)(i) Are there any legal or regulatory requirements that must be observed by credit institutions/investment firms/insurers in connection with the detection and prevention of money laundering?

The Preventing and Combatting Money Laundering Law and the Money Laundering Regulations of the Bahrain Monetary Agency (the 'BMA') set out the procedure that needs be followed to avoid, or to report, money laundering activities. They closely follow the FATF Forty Recommendations.

(a)(ii) When might they apply to entities conducting business cross-border?

They apply without exception.

(b) What are the exemptions from these requirements?