'Know Your Customer' campaign launched

Manama, Mar. 26 (BNA): The Directorate of Companies Control and the Directorate of Precious Metals and Gem Testing have conducted a series of field visits to gold shops in the Kingdom of Bahrain. The inspection visits were intended to raise awareness and educate them about rules of "Know Your Customer" that requires obtaining a copy of the customer's identity and data during the purchase or sale of gold and jewelry. The shops were also made aware of the need to keep records of sales for a period not less than 5 years as required by law. Shop owners were urged to try to reduce the deal of cash and replace it with payment at points of sale in order to reduce the misuse of the gold and jewellery sector by money launderers. The Directorate of Precious Metals and Gem Testing made an intensive inspection campaign on the local market in cooperation with the Directorate of Companies Control to ensure shops compliance with Law 6/1990 by checking samples of jewelry offered and ensure official seal of the Kingdom of Bahrain.