• FC-10 FC-10 AML / CFT Guidance and Best Practice

    • FC-10.1 FC-10.1 Guidance Provided by International Bodies

      • FATF Recommendations

        • FC-10.1.1

          The Forty Recommendations (see www.fatf-gafi.org) together with their associated interpretative notes and best practices papers issued by the Financial Action Task Force (FATF), provide the basic framework for combating money laundering activities and the financing of terrorism. FATF Recommendations 2, 8–12, 14–21, 26–27, 32–35, 37 and 40 as well as Special Recommendations IV-IX, and the AML/CFT Methodology are specifically relevant to the banking sector.

          Amended: October 2014
          October 07

        • FC-10.1.2

          The relevant authorities in Bahrain believe that the principles established by these Recommendations should be followed by licensees in all material respects, as representing best practice and prudence in this area.

          Amended: October 2014
          October 07

      • Basel Committee: Statement on Money Laundering and Customer Due Diligence for Banks

        • FC-10.1.3

          In December 1988, the Basel Committee on Banking Supervision issued a 'Statement of Principles' followed by the Customer Due Diligence for Banks paper in October 2001 (with attachment dated February 2003 – see www.bis.org/publ/) with which internationally active banks of member states are expected to comply. These papers cover identifying customers, avoiding suspicious transactions, and co-operating with law enforcement agencies.

          October 07

        • FC-10.1.4

          The CBB supports the above papers and the desirability of all Islamic bank licensees adhering to their requirements and guidance.

          October 07

      • Other Website References Relevant to AML/CFT

        • FC-10.1.5

          The following lists a selection of other websites relevant to AML/CFT:

          (a) The Middle East North Africa Financial Action Task Force: www.menafatf.org ;
          (b) The Egmont Group: www.egmontgroup.org ;
          (c) The United Nations: www.un.org/terrorism ;
          (d) The UN Counter-Terrorism Committee: www.un.org/Docs/sc/committees/1373/ ;
          (e) The UN list of designated individuals: www.un.org/Docs/sc/committees/1267/1267ListEng.htm ;
          (f) The Wolfsberg Group: www.wolfsberg-principles.com ; and
          (g) The Association of Certified Anti-Money Laundering Specialists: www.acams.org .
          Amended: October 2014
          Amended April 2011
          October 2007