The Lower Criminal Court convicted today the owner of an audit office and fined him BD 20,000 for violating the edicts of the Minister of Industry, Commerce and Tourism 173 of 2017 and 108 of 2018 regarding procedures to combat money laundering and funding terrorism in the activities of persons registered in the commercial registry and the auditors’ registry in the Kingdom of Bahrain.
The Financial Crimes and Money Laundering Prosecution received a notification from the Ministry of Industry, Commerce and Tourism on violations committed by the owner of the audit office when contracting and dealing with a number of companies. The owner faced charges of failing to apply the customer due diligence (CDD) and the risk-based approach, keep records and documents and submit reports on suspicious operations, in violation of the two ministerial edicts.
The Public Prosecution launched an investigation and listened to the Head of the Anti-Money Laundering Operations Department at the Ministry of Industry, Commerce and Tourism. Evidences confirmed the violations perpetrated by the defendant, which constitute a crime punishable by the law.
Questioning the defendant, he admitted to the charges levelled at him and was referred to the competent criminal court which issued its afore-mentioned ruling.
Source: Bahrain News Agency