FC-B.2 FC-B.2 Overseas Subsidiaries and Branches
FC-B.2.1
Conventional bank licensees must apply the requirements in this Module to all their branches and subsidiaries operating both in the Kingdom of Bahrain and in foreign jurisdictions. Where local standards differ, the higher standard must be followed.Conventional bank licensees must pay particular attention to procedures in branches or subsidiaries in countries that do not or insufficiently apply the FATF Recommendations and Special Recommendations.FC-B.2.2
Where another jurisdiction's laws or regulations prevent a
conventional bank licensee (or any of its foreign branches or subsidiaries) from applying the same standards contained in this Module or higher, the licensee must immediately inform the BMA in writing.FC-B.2.3
In such instances, the BMA will review alternatives with the
conventional bank licensee . Should the BMA and the licensee be unable to reach agreement on the satisfactory implementation of this Module in a foreign subsidiary or branch, theconventional bank licensee may be required by the BMA to cease the operations of the subsidiary or branch in the foreign jurisdiction in question.
