THE OWNER of an auditing firm has been fined BD55,000 for compliance violations.
The Bahraini businessman was found guilty by the Lower Criminal Court yesterday of violating obligations related to prohibition and combating of money laundering and financing of terrorism.
The offences include failure to follow customer due diligence procedures and not providing required disclosures related to anti-money laundering.
“Bahrain remains committed to having a solid regulatory framework on anti-money laundering and terrorism financing,” the court said in its ruling.
“The defendant was found guilty due to sufficient evidence against him.”
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