Appointing a compliance officer, his deputy, and a compliance officer

Service Conditions

gold and jewellery sector

• If the licensee who engages in the sale and trade of gold and jewellery is an individual establishment or a company with only one branch, then the requirements are as follows:
• In the same case above, the owner could be the compliance officer himself.
• 2- To pass the qualifying course specified by the competent unit of the Ministry.
• 1- To be fluent in reading, speaking and writing, in one of the languages (English / Arabic).

In the event of multiple branches, the requirements are as follows:

• It is mandatory to appoint a Management Responsible Compliance Officer and a Deputy Compliance Officer, In addition to appointing a compliance officer for each branch, and the following requirements must be met:
• 5- To pass all courses specified by the relevant unit of the Ministry.
• 4- To have the certificate of an anti-money laundering specialist approved by an accredited body of the competent unit of the Ministry.
• 3- To have a university qualification of at least a bachelor's degree in accounting, financial management or their equivalent.
• 2- To be fluent in reading, speaking and writing both Arabic and English
• 1- To be a Bahraini national.
• Requirements for appointing the Compliance Officer for each branch:
• 2- To pass the qualifying course specified by the competent unit of the Ministry.
• 1- To be fluent in reading, speaking and writing, in one of the languages (English / Arabic).

Auditing sector

• It is mandatory to appoint a Management Responsible Compliance Officer and a Deputy Compliance Officer, In addition to appointing a compliance officer for each branch, and the following requirements must be met:
• 7-The deputy compliance officer and the compliance officer should have at least one year of practical audit experience.
• 6- Management Responsible Compliance Officer should have at least three years of practical audit experience.
• 5- To pass all courses specified by the relevant unit of the Ministry.
• 4- To have the certificate of an anti-money laundering specialist approved by an accredited body of the competent unit of the Ministry.
• 3- To have a university qualification of at least a bachelor's degree in accounting, financial management or their equivalent.
• 2- To be fluent in reading, speaking and writing both Arabic and English
• 1- To be a Bahraini national.

Required Attachments

• Fill out Compliance officer appointment form

Legal Regulations

• Ministry of Industry, Commerce and Tourism Resolution No. (103) of 2021 on measures to ban and combat money laundering, terrorism financing and illegal transfer of funds across borders for licensees to sell and Commerce gold and jewellery, auditing accounts, freezing rules, lifting the freeze and prohibiting the dealing of persons or entities on terrorist lists , View Document
• LEGISLATIVE DECREE NO. (4) OF 2001 WITH RESPECT TO PROHIBITING AND COMBATING MONEY LAUNDERING AND TERRORISM FINANCING AND ITS AMENDMENTS , View Document