Back Custom print Link Text Only Rich Text Print

  • Non-Resident Accounts

    • FC-1.1.14A

      Insurance licensees that transact or deal with non-resident customers who are natural persons must have documented criteria for acceptance of business with such persons. For non-resident customers, insurance licensees must ensure the following:

      (a) Ensure there is a viable economic reason for the business relationship;
      (b) Perform enhanced due diligence where required in accordance with Paragraph FC-1.1.17;
      (c) Obtain and document the country of residence for tax purposes where relevant;
      (d) Obtain evidence of banking relationships in the country of residence;
      (e) Obtain the reasons for dealing with licensee in Bahrain; and
      (f) Test that the persons are contactable without unreasonable delays.
      Amended: October 2023
      Added: January 2022

    • FC-1.1.14B

      Insurance licensees that transact or deal with non-resident customers who are natural persons must have documented approved policies in place setting out the products and services which will be offered to non-resident customers. Such policy document must take into account a comprehensive risk assessment covering all risks associated with the products and services offered to non-residents. The licensee must also have detailed procedures to address the risks associated with the dealings with non-resident customers including procedures and processes relating to authentication, genuineness of transactions and their purpose.

      Added: January 2022

    • FC-1.1.14C

      Insurance licensees must not accept non-residents customers from high risk jurisdictions subject to a call for action by FATF.

      Added: January 2022

    • FC-1.1.14D

      Insurance licensees must take adequate precautions and risk mitigation measures before onboarding non-resident customers from high risk jurisdictions. The licensees must establish detailed assessments and criteria that take into consideration FATF mutual evaluations, FATF guidance, the country national risk assessments (NRAs) and other available guidance on onboarding and retaining non-resident customers from the following high risk jurisdictions:

      (a) Jurisdictions under increased monitoring by FATF;
      (b) Countries upon which United Nations sanctions have been imposed except those referred to in Paragraph FC-1.1.12B; and
      (c) Countries that are the subject of any other sanctions.
      Added: January 2022

    • FC-1.1.14E

      [This Paragraph has been deleted in October 2023].

      Deleted: October 2023
      Added: January 2022

    • FC-1.1.14F

      Insurance licensees must establish systems and measures that are proportional to the risk relevant to each jurisdiction and this must be documented. Such a document must show the risks, mitigation measures for each jurisdiction and for each non-resident customer.

      Added: January 2022

    • FC-1.1.14G

      Insurance licensees must establish a comprehensive documented policy and procedures describing also the tools, methodology and systems that support the licensee’s processes for:

      (a) The application of RBA;
      (b) Customer due diligence;
      (c) Ongoing transaction monitoring; and
      (d) Reporting in relation to their transactions or dealings with non-resident customers.
      Added: January 2022

    • FC-1.1.14H

      Insurance licensees must ensure that only the official/government documents are accepted for the purpose of information in Subparagraphs FC-1.2.1 (a) to (f) in the case of non-resident customers.

      Added: January 2022

    • FC-1.1.14I

      [This Paragraph has been deleted in October 2023]

      Deleted: October 2023
      Added: January 2022