Bahrain: Audit firm referred to Public Prosecution over multiple violations

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The Ministry of Industry, Commerce and Tourism (MOICT) referred an audit firm to the Public Prosecution after several violations were discovered.

Violations include the failure to apply the Customer Due Diligence (CDD) and the non-application of the risk-based approach, and having a dedicated disclosure paragraph related to Anti Money Laundering within the Audit Opinion, which violates the requirements of order no. (173) of 2017.

The Ministry said it would spare no effort to identify all violations and take the necessary legal action in accordance with the provisions of the law.

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The aim is to contribute to attracting investments and enhancing the Kingdom’s reputation and status in all levels, as well as its commitment to having a solid regulatory framework related to Anti Money Laundering and Terrorism Financing,

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