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  • FC-A FC-A Introduction

    • FC-A.1 FC-A.1 Purpose

      • FC-A.1.1

        This Module applies, to all conventional bank licensees, a comprehensive framework of Rules and Guidance aimed at combating money laundering and terrorist financing. In so doing, it helps implement the 40 Recommendations on money laundering and 9 Special Recommendations on terrorist financing, issued by the Financial Action Task Force (FATF), and the requirements of the Basel Committee "Customer Due Diligence for Banks" paper, that are relevant to conventional bank licensees. (Further information on these can be found in Chapter FC-10.)

      • FC-A.1.2

        The Module requires conventional bank licensees to have effective anti-money laundering ('AML') policies and procedures, in addition to measures for combating the financing of terrorism ('CFT'). The Module contains detailed requirements relating to customer due diligence, reporting and the role and duties of the Money Laundering Reporting Officer (MLRO). Furthermore, examples of suspicious activity are provided, to assist conventional bank licensees monitor transactions and fulfil their reporting obligations under Bahrain law.

    • FC-A.2 FC-A.2 Module History

      • Changes to the Module

        • FC-A.2.1

          This Module was first issued in July 2004 as part of the conventional principles volume. All regulations in this volume have been effective since this date. All subsequent changes are dated with the month and year at the base of the relevant page and in the Table of Contents. Chapter UG-3 of Module UG provides further details on Rulebook maintenance and control.

        • FC-A.2.2

          A list of recent changes made to this Module is detailed in the table below:

          Module Ref. Change Date Description of Changes
          FC 01/04/05 Update to reflect revised FATF 40 + 9 recommendations
          FC-1.4 01/07/05 Technology abuse update
          FC-1.1 01/07/05 Nominee a/c clarification
          FC-1.3 FC-2.2 FC-5.2 01/07/05 Clarifications on risk-based approach, record keeping, and STRs
          FC-6.1 01/07/05 New references to "terrorist financing"
          FC-7.1 01/07/05 Prompt access to records is a rule
          FC-2.2 01/10/05 Up to date CDD documentation requirement
          FC-1.8 01/10/05 Location of correspondent
          FC-1.9 01/10/05 Location of introducer
          FC-4.2, FC-4.3 01/10/05 Requirement to report to Board
          FC 01/10/05 Reordering of sections
          FC-1.11.1 01/01/06 New text for syndicated business
          FC-1.1.3, FC-1.2.8,
          FC-1.2.11, FC-3.1.4          		 01/01/06 Correction of minor typos

      • Evolution of the Module

        • FC-A.2.3

          Prior to the introduction of Volume 1 (Conventional Banks) of the BMA Rulebook, the BMA had issued various circulars containing requirements covering different aspects of financial crime. These requirements were consolidated into Version 01 of this Module. Some of these requirements remain in their original form; others have since been updated. These circulars and their original location in this Module are listed below:

          Circular Ref. Date of Issue Module Ref. (Version 01) Circular Subject
          BC/17/97 10 Nov 1997 FC-B.1 Money Laundering
          OG/308/89 14 Oct 1989 FC-B.1 Money Laundering
          EDBC/6/01 14 Oct 2001 FC-1, FC-4–FC-7 Re: Money Laundering Regulation
          BC/1/02 27 Jan 2002 FC-3 FATF Special Recommendations on Terrorism Financing
          BC/3/00 5 Mar 2000 FC-1.5 Re: Accounts for Charity Organisations