CBB organizes workshop on 'Legal Professionals Account Opening Guidance'

Biz Bahrain

05-05-2025

In line with the newly introduced requirements by the Ministry of Justice, Islamic Affairs and Waqf, the Central Bank of Bahrain (CBB) hosted a workshop to discuss the 'Legal Professionals Account Opening Guidance' paper issued by the Central Bank of Bahrain. The session focused on showcasing the process retail banks are expected to follow when opening accounts for lawyers or law firms.
Under the updated requirements, legal professionals must have dedicated bank accounts for client payments, which may only be opened upon receiving a no-objection certificate from the Ministry. The letter must also include relevant Know Your Client (KYC) information, aligning the process with established compliance and transparency standards.
The workshop was attended by nearly 60 representatives from the CBB, the Ministry of Justice, Islamic Affairs and Waqf, and various retail banks. The opening remarks were delivered by Mr. Nawaf Ahmed Bubshait, Director of the Compliance Directorate at CBB, followed by Mr. Salman Al-Ameri, General Registrar at the Ministry of Justice, Islamic Affairs and Waqf. The CBB's Compliance team followed with a detailed presentation and opened the floor to questions posed by the participants.
On the occasion, Mr. Nawaf Ahmed Bubshait said: 'The CBB remains committed to strengthening its cooperation with the relevant entities and maintaining open channels of communication with public and private sector organizations. We aim to support our licensees as they navigate evolving developments in money laundering, terrorism financing, and proliferation financing. The publication of our guidance paper for legal professionals stems from our proactive approach to ensuring financial institutions are aligned with the relevant international compliance standards.'
For his part, Mr. Salman Al-Ameri remarked: 'Through this joint workshop, the Ministry is pleased to collaborate with the CBB to support the implementation of the new regulatory framework. These guidelines represent a significant milestone towards enhancing oversight and accountability in the banking sector, and we commend the Bank's efforts in ensuring the implementation of these standards.'
The CBB continues to issue guidance papers and hosts workshops, seminars, and roundtable discussions on an annual basis to keep licensees informed about ongoing regulatory developments and supervisory expectations.
About the Central Bank of Bahrain (CBB):
The Central Bank of Bahrain (CBB), established on 6th September 2006 under the 2006 CBB and Financial Institutions Law, is responsible for maintaining monetary and financial stability in the Kingdom of Bahrain. It succeeded the Bahrain Monetary Agency (BMA), which had been performing central banking and regulatory functions since 1973. Inheriting the BMA's 33-year track record, the CBB continues to oversee a wide range of critical functions.
These responsibilities include implementing Bahrain's monetary and foreign exchange rate policies, managing government reserves and debt issuance, issuing the national currency, and overseeing the country's payments and settlement systems. As the sole regulator of Bahrain's financial sector, the CBB covers banking, insurance, investment business, and capital markets. This broad mandate ensures a consistent policy approach and a streamlined, efficient regulatory framework for financial services firms operating in the Kingdom.