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  • Executive Summary

    • FC-A.1.1

      This Module applies, to all Islamic 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 Islamic 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 Islamic 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 Islamic bank licensees monitor transactions and fulfill their reporting obligations under Bahrain law.

      October 07