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  • FC-A.1 FC-A.1 Purpose

    • Executive Summary

      • 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 FATF Recommendations on combating money laundering and financing of terrorism and proliferation, 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.)

        Amended: October 2014
        October 07

      • 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.

        October 07

    • Legal Basis

      • FC-A.1.3

        This Module contains the Central Bank of Bahrain's ('CBB') Directive (as amended from time to time) regarding the combating money laundering and terrorism financing and is issued under the powers available to the CBB under Article 38 of the Central Bank of Bahrain and Financial Institutions Law 2006 ('CBB Law'). The Directive in this Module is applicable to all conventional bank licensees.

        Amended: January 2022
        Amended: January 2011
        October 07

      • FC-A.1.4

        For an explanation of the CBB's rule-making powers and different regulatory instruments, see Section UG-1.1.

        October 07