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 07FC-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 07FC-A.2.3
A list of recent changes made to this Module is detailed in the table below:
Module Ref. Change Date Description of Changes 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. FC-A.1 10/2007 Updated to reflect new CBB Law: new Rule FC-A.1.3 introduced Categorising this Module as a Directive. FC-5.3.1 10/2007 Updated new e-mail address for the Compliance Directorate. FC-7.1.1 10/2007 Guidance on customer instructions moved from OM-7.1 FC-1.11.1 & FC-4.3.5 04/2008 Minor guidance enhancements FC-1.6.5–6 07/2009 New authorization requirement in respect of transfers of funds to and from foreign countries on behalf of charities. FC-4.1.5 10/2009 Appointment of Deputy MLRO to require CBB prior approval. FC-A.1.3 01/2011 Clarified legal basis. FC-1.10A 01/2011 Added Section on Enhanced due diligence: cross border cash transactions equal to an above BD 6,000 by courier. FC-4.3.5 and FC-4.3.6 01/2011 Corrected minor typo. FC-4.1.7 10/2011 Clarified requirements for MLRO. FC-4.3 10/2011 Amended 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-4.3.6 01/2012 Amended to reflect the addition of approved consultancy firm. FC-4.1.2 07/2012 Corrected cross reference. FC-1.6 01/2013 Added requirement dealing with sport associations registered with the Bahrain Olympic Committee (BOC). FC-1.11.1 01/2013 Updated reference to Bahrain Bourse ('BHB'). FC-1.1.10 to FC-1.1.16, and FC-1.3.4 10/2013 Amended and updated due diligence requirements, including requirements in dealing with non-resident accounts. FC-1.1.13 to FC-1.1.13C 04/2014 Added requirements regarding the opening of accounts for non-residents or companies under formation. FC 10/2014 Updated to reflect February 2012 update to FATF Recommendations. FC-1.5 07/2016 Aligned definition of PEPs with FATF and moved to Glossary. FC-4.1.1 07/2016 Deleted reference for Appendix FC-4 as requirements are covered under Form 3. FC-5.2.3 07/2016 Updated instructions for STR. FC-B.2.4 10/2016 Deleted reference to Module PCD FC-1.2.9A 01/2017 Added guidance paragraph on CR printing FC-8.2.1AA 04/2017 Implementing and complying with the United Nations Security Council resolutions requirement. FC-1.1.2B 10/2017 Amended paragraph on CDD requirements. FC-1.1.13D — FC-1.1.13H 10/2017 Added guidance paragraphs on opening accounts for companies under formation. FC-1.2.7 10/2017 Amended paragraph. FC-1.2.8A 10/2017 Added new paragraph on legal entities or legal arrangements CDD. FC-1.12 10/2017 Added new Section on Simplified CDD: For entities Operating Under Regulatory Sandbox. FC-2.2.10 — FC-2.2.11 10/2017 Amended paragraphs on On-going CDD and Transaction Monitoring. FC-4.1.4A 10/2017 Added new paragraph on combining the MLRO or DMLRO position with any other position within the licensee. FC-B.2.4 01/2018 Amended paragraph. FC-1.8.1 01/2018 Amended paragraph. FC-1.9.1 01/2018 Amended paragraph. FC-1.11.1 01/2018 Deleted sub-paragraph (g). FC-5.2.6 01/2018 Amended paragraph. FC-8.1.4 01/2018 Amended paragraph. FC-8.2.2 01/2018 Deleted paragraph. FC-1.1.2 07/2018 Deleted sub-paragraph (g). FC-1.10A 07/2018 Amended Section title deleting the threshold. FC-1.10A.2 07/2018 Amended Paragraph deleting the threshold. FC-1.11.3 07/2018 Deleted Paragraph. FC-1.11.8 07/2018 Deleted Paragraph. FC-1.12.10 07/2018 Amended Paragraph number (f). FC-4.3.2C 10/2018 Amended Paragraph and changed from Guidance to Rule. FC-1.11.1 01/2019 Amended references. FC-4.3.2 — FC-4.3.5 01/2019 Amended references. FC-7.1.2 01/2019 Amended references. FC-1.6.1A 07/2019 Amended Paragraph (GOYS changed to Ministry of Youth & Sport Affairs). FC-1.6.2 07/2019 Amended Paragraph (GOYS changed to Ministry of Youth & Sport Affairs). FC-1.6.2A 07/2019 Added a new Paragraph on opening additional bank accounts for Clubs and Youth Centres. FC-1.6.5 07/2019 Amended Paragraph on Fund Transfers. FC-3.1.11 07/2019 Amended Paragraph. FC-1.3.4 10/2019 Amended Paragraph on enhanced due diligence measures for non-GCC account holders. FC-3.2.4 10/2019 Amended authority name. FC-4.2.1 10/2019 Amended authority name. FC-5.2.3 10/2019 Amended authority name. FC-5.3.2 10/2019 Amended authority address. FC-8.2.1AA 10/2019 Defined 'without delay'. FC-1.1.1 01/2020 Amended Paragraph on procedures approval. FC-1.2.1 01/2020 Added a new sub-Paragraph. FC-3.2.4 01/2020 Amended Paragraph. FC-4.2.1(d) 01/2020 Amended sub-Paragraph. FC-4.3.5 01/2020 Amended Paragraph on report submission date. FC-2.1.3 & FC-2.1.4 04/2020 Added new Paragraphs on KPIs compliance with AML/CFT requirements. FC-1.1.14 01/2021 Amended Paragraph on account opening for non-residents. FC-3.1.10A 01/2021 Added a new Paragraph on rejecting payment transactions. FC-6.1.6A 01/2021 Added a new Paragraph on requirements to hire new employees. FC-1.1.14 04/2021 Amended Paragraph. FC-A.1.3 01/2022 Amended Paragraph to replace financial crime with money laundering and terrorism financing FC-C 01/2022 New chapter on risk-based approach (RBA) FC-1.1 01/2022 Amendments 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-1.2 01/2022 Amendments to recognise E-KYC and electronic documents law. FC-1.3 01/2022 Amendments to introduce additional guidance in enhanced due diligence requirements. FC-1.4 01/2022 Amendments to introduce detailed requirements for digital onboarding and related requirements. FC-1.5 01/2022 Amendments relating to digital onboarding of Bahraini PEPs. FC-1.11.7A 01/2022 Added a new Paragraph on not applying simplified CDD in situations where the licensee has identified high ML/TF/PF risks. FC-1.12 01/2022 Deleted Section on simplified due diligence requirements relating to Regulatory Sandbox since they will be covered separately in the Regulatory Sandbox Framework. FC-4.3.1B 01/2022 Amended Paragraph. FC-4.3.2 01/2022 Amended Paragraph. FC-4.3.5 01/2022 Amended Paragraph. FC-4.3.6 01/2022 Deleted Paragraph. FC-6.1.6A 01/2022 Deleted Paragraph. FC-1.1.14A 07/2022 Added a new Paragraph on opening accounts for Bahraini national not physically present in Bahrain through a digital onboarding process. FC-C.2.3 01/2023 Minor amendment to Paragraph. FC-1.1.14 01/2023 Amended Paragraph on opening accounts for non-residents. FC-1.1.14B 01/2023 Added a new Paragraph on opening accounts for non-residents with golden visa. FC-8.2.4(c) 01/2023 Added a new Sub-paragraph on reporting any frozen assets or actions taken. FC-1.1.12A 10/2023 Amended Sub-Paragraph on the enhanced diligence for the non-resident accounts. FC-1.1.12E 10/2023 Deleted Paragraph. FC-1.1.14 10/2023 Deleted Paragraph. FC-1.1.14A 10/2023 Deleted Paragraph. FC-1.1.14B 10/2023 Deleted Paragraph. FC-1.1.17 10/2023 Added a new Paragraph on CDD and Customer onboarding requirements. FC-1.13 10/2023 Added a new Section on reliance on third parties for customer due diligence. FC-1.1 01/2024 Amended Section on the general requirements for companies under formation and new arrivals. FC-1.2.1 01/2024 Amended Paragraph on customer due diligence.
