FC-A.2 FC-A.2 Module History
FC-A.2.1
This Module was first issued by the BMA in April 2005, together with the rest of Volume 3 (Insurance). 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.
Amended: January 2007FC-A.2.2
When the CBB replaced the BMA in September 2006, the provisions of this Module remained in force. Volume 3 was updated in January 2007 to reflect the switch to the CBB; however, new calendar quarter dates were only issued where the update necessitated changes to actual requirements.
Added: January 2007FC-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-A.1;
FC-2;
FC-3;
FC-5;
FC-6.1;
FC-6.2;
FC-6.501/07/05 Inclusion of a revised and renamed Customer Due Diligence Chapter (including a new non-face-to-face business Section). Renamed Suspicious Transaction Reporting Chapter, with minor clarifications to the text. Changes to layout of FC-5 and clarifications to the text. Correction of minor typographical and cross-referencing errors. FC 01/10/05 New Chapter on Non-Cooperative Countries/Territories, and UN notifications. Section on charities removed, since not applicable to insurance licensees. Extensive drafting changes to remainder of text, to improve clarity and ensure consistency across different CBB Rulebooks; but no other changes of substance. FC-1.2 01/01/06 Clarified in FC-1.2.11 that the verification for item (a) applies to the identity of the ultimate provider of funds. FC-3.1.7 01/04/06 Clarified and added guidance Paragraph dealing with residency requirements of MLRO. FC-4.3.1 01/07/06 Updated contact information for Compliance Directorate. FC-A.1.4 01/2007 New Rule introduced, categorising this Module as a Directive FC-1.6.3 01/2007 Clarified simplified due diligence rules for transactions under BD6,000. FC-3.3.5A and FC-3.3.7 01/2007 Allowed for a transition period for the external auditor's report required under SubParagraph FC-3.3.1(d) and clarified when all reports are due. FC-4.3.1 01/2007 Updated new e-mail address for Compliance Directorate. FC-1.7.2(d) 10/2007 Clarified the record retention period for introduced business in line with Article 60 of the CBB Law FC-2.2.3,
FC-2.2.6,
FC-4.2.5,
FC-6.1.1,
FC-6.1.2,
FC-6.1.310/2007 Clarified the record retention period for various transactions to be in line with Article 60 of the CBB Law FC-3.3.2 10/2007 Clarified the appointment of external auditors for the purposes of the report required under Paragraph FC-3.3.1 (d) FC-10.1.11 10/2007 Added reference to new Guidance paper on fraud issued by the IAIS. FC-3.3.7 04/2008 Clarified to whom in the CBB should the reports required under Paragraph FC-3.3.1 be submitted to. FC-1.7.2,
FC-2.2.3,
FC-2.2.6,
FC-4.2.5,
FC-6.1.1,
FC-6.1.2,
FC-6.1.304/2008 Reduced retention requirements of records to five years to be consistent with AML Law and other Volumes of the CBB Rulebook Table of Contents 07/2008 Added Supplementary Documents to Part B. FC-1.1.3 07/2009 Provided guidance for insurance brokers on definition of 'customers'. FC-3.1.10,
FC-3.2.1,
FC-4.2.3,
FC-4.3.104/2010 Updated name and e-mail of relevant authority to Financial Intelligence Unit. FC-A.1.4 01/2011 Clarified legal basis FC-3.1.9 10/2011 Clarified requirements for MLRO. FC-3.3 10/2011 Amended Section to allow for CBB-approved consultancy firm to do required sample testing and report under Paragraph FC-3.3.1. FC-3.3.5 and FC-3.3.6 01/2012 Amended to reflect the addition of approved consultancy firm. FC-4.2.3 10/2014 Updated method of submitting STRs. FC-4.3 10/2014 Updated relevant authorities information. FC 10/2015 Updated to reflect February 2012 update to FATF Recommendations. FC-1.5.1 07/2016 Aligned definition of PEPs as per FATF Recommendations. FC-1.5.4 07/2016 Definition of PEPs is already included in Glossary so this guidance paragraph was deleted. FC-4.2.3 07/2016 Updated instructions for STR. FC-1.2.9A 01/2017 Added guidance paragraph on CR printing FC-7.2.1AA 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-1.2.7 10/2017 Amended paragraph. FC-1.2.8A 10/2017 Added new paragraph on legal entities or legal arrangements CDD. FC-2.2.10 – FC-2.2.11 10/2017 Amended paragraphs on On-going CDD and Transaction Monitoring. FC-3.1.6A 10/2017 Added paragraph on combining the MLRO or DMLRO position with any other position within the licensee. FC-B.3.4 01/2018 Amended paragraph. FC-1.5.5 01/2018 Added new paragraph. FC-1.5.6 01/2018 Added new paragraph. FC-1.6.1 01/2018 Deleted sub-paragraph (f). FC-1.7.1 01/2018 Amended paragraph. FC-4.2.6 01/2018 Amended paragraph. FC-7.1.4 01/2018 Amended paragraph. FC-7.2.2 01/2018 Deleted paragraph. FC-1.1.2 07/2018 Deleted sub-paragraph (g). FC-1.2.1 07/2018 Amended guidance deleting the threshold. FC-1.6.3 07/2018 Deleted Paragraph. FC-1.6.9 07/2018 Deleted Paragraph. FC-1.6.10 07/2018 Deleted Paragraph. FC-1.6.1 01/2019 Amended references. FC-3.3.2 - FC-3.3.5 01/2019 Amended references. FC-3.3.5A 01/2019 Deleted paragraph. FC-3.3.7 01/2019 Amended references. FC-6.1.2 01/2019 Amended references. FC-3.1.10 10/2019 Amended authority name. FC-3.2.1 10/2019 Amended authority name. FC-4.2.3 10/2019 Amended authority name. FC-4.3.2 10/2019 Amended authority name. FC-7.2.1AA 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-3.3.5 01/2020 Amended Paragraph on report submission date. FC-3.3.7 01/2020 Amended Paragraphs references. FC-2.1.4 & FC-2.1.5 04/2020 Added new Paragraphs on KPIs compliance with AML/CFT requirements. FC-5.1.6A 01/2021 Added a new Paragraph on requirements to hire new employees. FC-A.1.4 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 Amended Section 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 Amended Section to include E-KYC and electronic documents law requirements. FC-1.3 01/2022 Amended Section on enhanced due diligence requirements for customers identified as having higher risk profile. FC-1.4 01/2022 Amended Section to introduce detailed requirements for digital onboarding and related requirements. FC-1.5.2 01/2022 Amended Paragraph on onboarding non-Bahraini PEPs using digital ID applications. FC-1.5A 01/2022 Added a new Section on Enhanced Due Diligence: Charities, Clubs and Other Societies FC-1.6.8A 01/2022 Added a new Paragraph on not applying simplified CDD in situations where the licensee has identified high ML/TF/PF risks. FC-2.2.5 01/2022 Amended Paragraph. FC-3.3.1B 01/2022 Amended Paragraph. FC-3.3.2 01/2022 Amended Paragraph. FC-3.3.5 01/2022 Amended Paragraph. FC-3.3.6 01/2022 Deleted Paragraph. FC-3.3.7 01/2022 Deleted Paragraph. FC-5.1.6A 01/2022 Deleted Paragraph. FC-C.2.3 01/2023 Minor amendment to Paragraph. FC-7.2.4(c) 01/2023 Added a new Sub-paragraph on reporting any frozen assets or actions taken. FC-1.1.14A 10/2023 Amended Sub-Paragraph on the enhanced diligence for the non-resident accounts. FC-1.1.14E 10/2023 Deleted Paragraph. FC-1.1.14I 10/2023 Deleted Paragraph. FC-1.1.17 10/2023 Added a new Paragraph on CDD and Customer onboarding requirements. FC-1.8 10/2023 Added a new Section on reliance on third parties for customer due diligence. FC-1.2.1 01/2024 Amended Paragraph on customer due diligence. FC-A.2.3 [Deleted]
Deleted: January 2007FC-A.2.4
Guidance on the implementation and transition to Volume 3 (Insurance) is given in Module ES (Executive Summary).
Amended: January 2007
