Ministerial Order No. 43 of 2024 (the Order), issued by the Ministry of Industry and Commerce, sets new requirements for commercial entities in Bahrain regarding financial transactions and electronic payment services to enhance financial transparency and promote the adoption of electronic payment methods among commercial entities in Bahrain. Order No. 43 of 2024 mandates that all commercial entities open and maintain a dedicated bank account with a licensed bank in Bahrain (the Bank Account). This Bank Account must be used for all payments related to commercial transactions, including cash, bank transfers and electronic payments, between the commercial entity and those dealing with it. Where the commercial entity operates through multiple branches, a single Bank Account will suffice.
This resolution will come into effect on December 12, 2024, and existing establishments must comply within 6 months from this date, i.e., by June 12, 2025.
