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  • ES-1.10 ES-1.10 Module FC — Financial Crime

    • ES-1.10.1

      Module FC implements the Financial Action Task Force (FATF) recommendations on money laundering and special recommendations on terrorism financing that are relevant to the insurance sector in Bahrain.

    • ES-1.10.2

      The Module covers the detailed procedures required for:

      (a) Customer identification;
      (b) Reporting;
      (c) Staff awareness and training;
      (d) The appointment of a money laundering reporting officer;
      (e) Compliance monitoring;
      (f) Record keeping arrangements;
      (g) Segregation of duties;
      (h) Special measures for non-cooperative countries; and
      (i) Contact with relevant authorities.
      Amended: January 2007

    • ES-1.10.3

      Item FC (iv) in Part B of Volume 3 (Insurance) provides further examples of transactions that may be suspicious or unusual.

    • ES-1.10.4

      In addition, Module FC has a chapter dealing with the area of insurance fraud and steps that must be taken by insurance licensees to address this area.

      Amended: January 2007