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  • FC-A.2 FC-A.2 Module History

    • Changes to the Module

      • FC-A.2.1

        This Module was first issued on 1st January 2005 by the BMA as part of the Islamic principles volume. Any material changes that have subsequently been made to this Module are annotated with the calendar quarter date in which the change was made: Chapter UG-3 provides further details on Rulebook maintenance and version control.

        October 07

      • FC-A.2.2

        When the CBB replaced the BMA in September 2006, the provisions of this Module remained in force. Volume 2 was updated in October 2007 to reflect the switch to the CBB; however, new calendar quarter dates were only issued where the update necessitated changes to actual requirements.

        October 07

      • FC-A.2.3

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

        Module Ref.Change DateDescription of Changes
        FC-1.11.101/01/06New text for syndicated business.
        FC-1.1.3, FC-1.2.8, FC-1.2.11, FC-3.1.401/01/06Correction of minor typos.
        FC-A.110/2007Updated to reflect new CBB Law: new Rule FC-A.1.3 introduced Categorising this Module as a Directive.
        FC-5.3.110/2007Updated new e-mail address for the Compliance Directorate.
        FC-7.1.110/2007Guidance on customer instructions moved from OM-7.1
        FC-1.11.1 & FC-4.3.504/2008Minor guidance enhancements
        FC-1.6.5–607/2009New authorization requirement in respect of transfers of funds to and from foreign countries on behalf of charities.
        FC-4.1.510/2009Appointment of Deputy MLRO to require CBB prior approval.
        FC-A.1.301/2011Clarified legal basis.
        FC-1.10A01/2011Added Section on Enhanced due diligence: cross border cash transactions equal to an above BD 6,000 by courier.
        FC-4.3.5 and FC-4.3.601/2011Corrected minor typo.
        FC-4.1.710/2011Clarified requirements for MLRO.
        FC-4.310/2011Amended Section to allow for CBB-approved consultancy firm to do required sample testing and report under Paragraph FC-4.3.1.
        FC-4.3.5 and FC-4.3.601/2012Amended to reflect the addition of approved consultancy firm.
        FC-4.1.207/2012Corrected cross reference.
        FC-1.601/2013Added requirement dealing with sport associations registered with the Bahrain Olympic Committee (BOC).
        FC-1.11.101/2013Updated reference to Bahrain Bourse ('BHB').
        FC-1.1.10 to FC-1.1.16, and FC-1.3.410/2013Amended and updated due diligence requirements, including requirements in dealing with non-resident accounts.
        FC-1.1.13 to FC-1.1.13C04/2014Added requirements regarding the opening of accounts for non-residents or companies under formation.
        FC10/2014Updated to reflect February 2012 update to FATF Recommendations.
        FC-1.507/2016Aligned definition of PEPs with FATF and moved to Glossary.
        FC-4.1.107/2016Deleted reference for Appendix FC-4 as requirements are covered under Form 3.
        FC-5.2.307/2016Updated instructions for STR.
        FC-B.2.410/2016Deleted reference to Module PCD
        FC-1.2.9A01/2017Added guidance paragraph on CR printing
        FC-8.2.1AA04/2017Implementing and complying with the United Nations Security Council resolutions requirement.
        FC-1.1.2B10/2017Amended paragraph on CDD requirements.
        FC-1.1.13D — FC-1.1.13H10/2017Added guidance paragraphs on opening accounts for companies under formation.
        FC-1.2.710/2017Amended paragraph.
        FC-1.2.8A10/2017Added new paragraph on legal entities or legal arrangements CDD.
        FC-1.1210/2017Added new Section on Simplified CDD: For entities Operating Under Regulatory Sandbox.
        FC-2.2.10 — FC-2.2.1110/2017Amended paragraphs on On-going CDD and Transaction Monitoring.
        FC-4.1.4A10/2017Added new paragraph on combining the MLRO or DMLRO position with any other position within the licensee.
        FC-B.2.401/2018Amended paragraph.
        FC-1.8.101/2018Amended paragraph.
        FC-1.9.101/2018Amended paragraph.
        FC-1.11.101/2018Deleted sub-paragraph (g).
        FC-5.2.601/2018Amended paragraph.
        FC-8.1.401/2018Amended paragraph.
        FC-8.2.201/2018Deleted paragraph.
        FC-1.1.207/2018Deleted sub-paragraph (g).
        FC-1.10A07/2018Amended Section title deleting the threshold.
        FC-1.10A.207/2018Amended Paragraph deleting the threshold.
        FC-1.11.307/2018Deleted Paragraph.
        FC-1.11.807/2018Deleted Paragraph.
        FC-1.12.1007/2018Amended Paragraph number (f).
        FC-4.3.2C10/2018Amended Paragraph and changed from Guidance to Rule.
        FC-1.11.101/2019Amended references.
        FC-4.3.2 — FC-4.3.501/2019Amended references.
        FC-7.1.201/2019Amended references.
        FC-1.6.1A07/2019Amended Paragraph (GOYS changed to Ministry of Youth & Sport Affairs).
        FC-1.6.207/2019Amended Paragraph (GOYS changed to Ministry of Youth & Sport Affairs).
        FC-1.6.2A07/2019Added a new Paragraph on opening additional bank accounts for Clubs and Youth Centres.
        FC-1.6.507/2019Amended Paragraph on Fund Transfers.
        FC-3.1.1107/2019Amended Paragraph.
        FC-1.3.410/2019Amended Paragraph on enhanced due diligence measures for non-GCC account holders.
        FC-3.2.410/2019Amended authority name.
        FC-4.2.110/2019Amended authority name.
        FC-5.2.310/2019Amended authority name.
        FC-5.3.210/2019Amended authority address.
        FC-8.2.1AA10/2019Defined 'without delay'.
        FC-1.1.101/2020Amended Paragraph on procedures approval.
        FC-1.2.101/2020Added a new sub-Paragraph.
        FC-3.2.401/2020Amended Paragraph.
        FC-4.2.1(d)01/2020Amended sub-Paragraph.
        FC-4.3.501/2020Amended Paragraph on report submission date.
        FC-2.1.3 & FC-2.1.404/2020Added new Paragraphs on KPIs compliance with AML/CFT requirements.
        FC-1.1.1401/2021Amended Paragraph on account opening for non-residents.
        FC-3.1.10A01/2021Added a new Paragraph on rejecting payment transactions.
        FC-6.1.6A01/2021Added a new Paragraph on requirements to hire new employees.
        FC-1.1.1404/2021Amended Paragraph.
        FC-A.1.301/2022Amended Paragraph to replace financial crime with money laundering and terrorism financing
        FC-C01/2022New chapter on risk-based approach (RBA)
        FC-1.101/2022Amendments to general requirements to introduce additional rules for non-resident customers, amendments to customers onboarded prior to full completion of customer due diligence, digital onboarding etc.
        FC-1.201/2022Amendments to recognise E-KYC and electronic documents law.
        FC-1.301/2022Amendments to introduce additional guidance in enhanced due diligence requirements.
        FC-1.401/2022Amendments to introduce detailed requirements for digital onboarding and related requirements.
        FC-1.501/2022Amendments relating to digital onboarding of Bahraini PEPs.
        FC-1.11.7A01/2022Added a new Paragraph on not applying simplified CDD in situations where the licensee has identified high ML/TF/PF risks.
        FC-1.1201/2022Deleted Section on simplified due diligence requirements relating to Regulatory Sandbox since they will be covered separately in the Regulatory Sandbox Framework.
        FC-4.3.1B01/2022Amended Paragraph.
        FC-4.3.201/2022Amended Paragraph.
        FC-4.3.501/2022Amended Paragraph.
        FC-4.3.601/2022Deleted Paragraph.
        FC-6.1.6A01/2022Deleted Paragraph.
        FC-1.1.14A07/2022Added a new Paragraph on opening accounts for Bahraini national not physically present in Bahrain through a digital onboarding process.
        FC-C.2.301/2023Minor amendment to Paragraph.
        FC-1.1.1401/2023Amended Paragraph on opening accounts for non-residents.
        FC-1.1.14B01/2023Added a new Paragraph on opening accounts for non-residents with golden visa.
        FC-8.2.4(c)01/2023Added a new Sub-paragraph on reporting any frozen assets or actions taken.
        FC-1.1.12A10/2023Amended Sub-Paragraph on the enhanced diligence for the non-resident accounts.
        FC-1.1.12E10/2023Deleted Paragraph.
        FC-1.1.1410/2023Deleted Paragraph.
        FC-1.1.14A10/2023Deleted Paragraph.
        FC-1.1.14B10/2023Deleted Paragraph.
        FC-1.1.1710/2023Added a new Paragraph on CDD and Customer onboarding requirements.
        FC-1.1310/2023Added a new Section on reliance on third parties for customer due diligence.
        FC-1.101/2024Amended Section on the general requirements for companies under formation and new arrivals.
        FC-1.2.101/2024Amended Paragraph on customer due diligence.

    • Evolution of the Module

      • FC-A.2.4

        Prior to the introduction of Volume 2 (Islamic Banks) of the CBB Rulebook, the BMA had issued various circulars containing requirements covering different aspects of financial crime. These requirements were consolidated into this Module.

        Amended: October 2014
        Amended: April 2008
        October 07