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  • EN-5.3 EN-5.3 Module FC (Financial Crime)

    • EN-5.3.1

      In addition to the general circumstances set out in Section EN-5.2, a financial penalty of up to BD 100,000 may be applied by the CBB, in cases where an insurance licensee fails to comply with any of the requirements of Module FC (Financial Crime). The fine shall be multiplied by the number of violations.

      Amended: April 2016
      Amended: January 2007

    • EN-5.3.2

      As with the imposition of financial penalties in response to breaches of other supervisory requirements, the CBB will apply financial penalties with respect to Module FC, based on the criteria set out in Paragraph EN-5.2.3. Financial penalties applied under this Section are also subject to the same disclosure requirements as described in Paragraph EN-B.4.5.

      Amended: January 2007
      Amended: October 2007

    • EN-5.3.3

      A failure to comply with the Module FC (Financial Crime) that warrants a financial penalty would not trigger also a financial penalty under Section EN-5.2.

      Amended: January 2007

    • EN-5.3.4

      Any financial penalties applied by the CBB as regards the implementation of Module FC, are without prejudice to the criminal sanctions available to the Bahraini courts under the Decree — Law No. 4 of 2001, with respect to the prevention and prohibition of the laundering of money. As with other financial penalties, the imposition of a financial penalty with regards to breaches of Module FC does not prevent the CBB from also using other enforcement measures to remedy the same violation (for instance, a Direction).

      Amended: January 2007