Bahrain continues its financial reforms with a focus on the Legal Account Rules for Lawyers. The Central Bank of Bahrain held a workshop to explain how banks should manage accounts for legal professionals. This session supports new rules issued by the Ministry of Justice, Islamic Affairs and Waqf. Every lawyer or law firm must now open a special account for handling client payments.
However, banks can only open these accounts after receiving a no-objection certificate from the Ministry. This letter must also include full Know Your Client (KYC) details. The Legal Account Rules for Lawyers help banks follow global standards for transparency and security.
Moreover, they reduce risks tied to illegal money transfers and financial crime. The new approach gives banks a clear process to follow when dealing with law firms. Around 60 participants joined the session, including officials from the Central Bank, Ministry, and retail banks. The meeting opened with remarks from Nawaf Ahmed Bubshait, head of compliance at the Central Bank.
Afterward, Salman Al Ameri from the Ministry explained how the rules improve financial supervision. Then, Legal Account Rules for Lawyers the Central Bank’s compliance team gave a detailed presentation and answered questions from the audience. The presentation covered the entire process of verifying legal professionals before opening accounts.
Nawaf Bubshait said the Central Bank always seeks to improve cooperation with public and private sectors. He noted that financial institutions face growing challenges like money laundering and terror financing. He added that the Legal Account Rules for Lawyers come from a proactive regulatory mindset.
In addition, Salman Al Ameri praised the partnership between the Ministry and the Central Bank. He said the new rules mark a big step in improving accountability in the banking sector. He urged banks to follow the guidance strictly and implement the rules without delay.
Besides this, the Central Bank also hosts regular workshops and issues papers to update financial institutions. These events keep banks aware of new regulatory changes and international best practices. With more guidance coming, Bahrain aims to maintain a strong and secure financial system.
Clearly, the Legal Account Rules for Lawyers are now central to Bahrain’s financial reforms. They support the country’s goal of achieving higher levels of financial compliance and stability.
