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  • TA-3.4 TA-3.4 Financial Crime

    • TA-3.4.1

      The general law of Bahrain imposes obligations on individuals and firms in relation to the prevention and prohibition of the laundering of money. Module FC applies to all insurance licensees.

      Rulebook Reference Decree Law No. 4

    • TA-3.4.2

      In addition, Module FC contains specific Rules and Guidance for insurance licensees that require them to have effective money laundering controls and to report suspicious transactions to the relevant authorities.

      Rulebook Reference Module FC
      FC-8 (details of penalties)
      Amended: October 2007

    • TA-3.4.3

      Chapter FC-1 outlines the requirements for customer due diligence.

      Rulebook Reference FC-1
      Amended: January 2007

    • TA-3.4.4

      The reporting of suspicious transactions is the responsibility of the firm's Money Laundering Reporting Officer ('MLRO'). All takaful firms must appoint an MLRO.

      Rulebook Reference FC-3.1.1
      Amended: January 2007

    • TA-3.4.5

      The MLRO will prepare an annual report on compliance with the anti-money laundering and combating terrorism financing controls and procedures. The Boards of takaful firms will need to include the consideration of this report as a standing item for Board meetings each year.

      Rulebook Reference FC-3.3
      Amended: January 2007

    • TA-3.4.6

      Appendix FC-(iv), contained in Part B of the CBB Rulebook provides guidance material and examples of transactions that would be considered suspicious for the purposes of this Directive.

      Rulebook Reference Appendix FC-(iv)
      Amended: January 2007