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Bahrain’s RERA takes legal actions against anti-money laundering requirements violators

The Real Estate Regulatory Authority (RERA) has taken measures against a number of licensees for non-compliance with the requirements to combat money laundering.

RERA clarified that in implementation of Resolution (3) of 2019 on the Obligations related to Procedures of Money Laundering and Terrorism Financing Prevention in Licensed Real Estate activities, violations have been detected by a number of licensees, including some real estate developers who have not complied with RERA’s guidelines regarding the National Risk Assessment Report and the filling out of the electronic off-site inspection questionnaire related to anti-money laundering.

RERA also stated that it will not hesitate to take any legal action towards all that affects the national anti-money laundering framework against its licensees, in accordance with law and resolution (3) of 2019 related to anti-money laundering and terrorist financing and in line with the strong national efforts of the Government of the Kingdom of Bahrain in this matter.

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