Back Custom print Link Text Only Rich Text Print

  • ES-1.12 ES-1.12 Module FC (Financial Crime)

    • ES-1.12.1

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

    • ES-1.12.2

      The Module contains detailed requirements relating to:

      (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-1.12.3

      Item FC (iv) in Part B of Volume 4 (Investment Business) provides further examples of transactions that may be suspicious or unusual.

    • ES-1.12.4

      In addition, Module FC has a chapter dealing with financial fraud, which imposes certain basic systems and control, and reporting requirements, in this area. These requirements apply to Category 1 investment firms and Category 2 investment firms only.

      Amended: July 2007