Back Custom print Link Text Only Rich Text Print

  • FC-9.1 FC-9.1 Guidance Provided by International Bodies

    • FATF Recommendations

      • FC-9.1.1

        The Financial Action Task Force (FATF) Recommendations (see www.fatf-gafi.org) (together with their associated interpretative notes and best practices papers) provide the basic framework for combating money laundering activities and the financing of terrorism. FATF Recommendations 9-12, 15-17, 18-21, 26-27, 33-35, 37 and 40 and the AML/CFT Methodology are specifically relevant to the insurance sector.

        Amended: October 2015
        Amended: January 2007

      • FC-9.1.2

        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 2015

    • IAIS: Guidance Paper on Anti-Money Laundering and Combating the Financing of Terrorism

      • FC-9.1.3

        In January 2002, the International Association of Insurance Supervisors (IAIS) issued Anti-Money Laundering Guidance Notes for Insurance Supervisors and Insurance Entities. This document was updated in October 2004 and was reissued as Guidance Paper No. 5: Guidance Paper on Anti-Money Laundering and Combating the Financing of Terrorism (see www.iaisweb.org/publication). The Guidance Paper includes a set of measures and procedures, including elements of customer due diligence (CDD), reporting of suspicious transactions and measures affecting the organisation and staff of insurance licensees.

      • FC-9.1.4

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

        Amended: January 2007