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  • Evolution of Module

    Amended: January 2007

    • FC-A.2.1

      This Module was first issued in April 2006, as part of the first phase of Volume 4 (Investment Business) to be released by the BMA. 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 2007

    • FC-A.2.2

      When the CBB replaced the BMA in September 2006, the provisions of this Module remained in force. Volume 4 was updated in July 2007 to reflect the switch to the CBB; however, new calendar quarter dates were only issued where the update necessitated changes to actual requirements.

      Amended: January 2007

    • FC-A.2.3

      A list of recent changes made to this Module is detailed in the table below:

      Module Ref.Change DateDescription of Changes
      FC-4.3.107/2006Updated telephone number for the Director, Compliance Directorate.
      FC-A.101/2007Updated to reflect new CBB Law: new Rule FC-A.1.4 introduced Categorising this Module as a Directive.
      FC-4.3.101/2007Updated new e-mail address for the Compliance Directorate.
      FC-3.3.704/2008Clarified to whom in the CBB, the reports required under Paragraph FC-3.3.1 should be submitted to.
      Table of Contents07/2008Added Supplementary Information Documents to Part B.
      FC-1.1.1107/2010Cross reference added.
      FC-1.2.1, FC-1.2.3, FC-1.2.5, FC-1.9, FC-3.1, FC-3.2.1, FC-3.3.7, FC-4.2.3 and FC-4.3.107/2010Paragraphs amended.
      FC-1.6 and FC-1.707/2010New sections added regarding enhanced CDD for charities, clubs and societies and “pooled funds'.
      FC-3.307/2010Heading amended.
      FC-A.1.401/2011Clarified legal basis.
      FC-1.6.401/2011Corrected name of Compliance Directorate.
      FC-3.1.601/2011Amended requirements for position of MLRO.
      FC-3.1.610/2011Corrected minor typo to be in line with other Volumes of the CBB Rulebook.
      FC-3.310/2011Amended 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-3.3.601/2012Amended to reflect the addition of approved consultancy firm.
      FC10/2014Updated to reflect February 2012 update to FATF Recommendations.
      FC-1.1.1110/2015Clarified Rule for incomplete customer due diligence.
      FC-10.1.401/2016Clarified Rule.
      FC-1.2.807/2016Change made for consistency across CBB Rulebook.
      FC-1.5.107/2016Aligned definition of PEPs as per FATF Recommendations.
      FC-1.5.407/2016Definition of PEPs is already included in Glossary so this guidance paragraph was deleted.
      FC-4.2.307/2016Updated instructions for STR.
      FC-1.2.9A01/2017Added guidance paragraph on CR printing
      FC-7.2.1AA04/2017Implementing and complying with the United Nations Security Council resolutions requirement.
      FC-1.1.2B10/2017Amended paragraph on CDD requirements.
      FC-1.2.710/2017Amended paragraph.
      FC-1.2.8A10/2017Added new paragraph on legal entities or legal arrangements CDD.
      FC-2.2.10 — FC-2.2.1110/2017Amended paragraphs on On-going CDD and Transaction Monitoring
      FC-3.1.3A10/2017Added paragraph on combining MLRO or DMLRO position with any other position within the licensee.
      FC-B.2.401/2018Amended paragraph.
      FC-1.8.101/2018Amended paragraph.
      FC-1.10.101/2018Deleted sub-paragraph.
      FC-4.2.601/2018Amended paragraph.
      FC-7.1.401/2018Amended paragraph.
      FC-7.2.201/2018Deleted paragraph.
      FC-1.1.207/2018Deleted sub-paragraph (a).
      FC-1.2.107/2018Amended Paragraph deleting the threshold.
      FC-1.10.207/2018Amended Paragraph.
      FC-1.10.307/2018Deleted Paragraph.
      FC-1.10.907/2018Deleted Paragraph.
      FC-1.10.101/2019Amended references.
      FC-3.3.2 - FC-3.3.501/2019Amended references.
      FC-3.3.701/2019Amended references.
      FC-6.1.201/2019Amended references.
      FC-1.9.210/2019Amended authority name.
      FC-3.1.710/2019Amended authority name.
      FC-3.2.110/2019Amended authority name.
      FC-4.2.310/2019Amended authority name.
      FC-4.3.210/2019Amended authority name.
      FC-7.2.1AA10/2019Defined 'without delay'.
      FC-1.1.101/2020Amended Paragraph on procedures approval.
      FC-1.2.101/2020Added a new sub-Paragraph.
      FC-3.2.1(d)01/2020Amended sub-Paragraph.
      FC-3.3.501/2020Amended Paragraph on report submission date.
      FC-3.3.701/2020Amended Paragraphs references.
      FC-2.1.3 & FC-2.1.404/2020Added new Paragraphs on KPIs compliance with AML/CFT requirements.
      FC-5.1.6A01/2021Added a new Paragraph on requirements to hire new employees.
      FC-A.1.401/2022Amended Paragraph to replace financial crime with money laundering and terrorism financing
      FC-C01/2022New chapter on risk-based approach (RBA)
      FC-1.101/2022Amended 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-1.201/2022Amended Section to include E-KYC and electronic documents law requirements.
      FC-1.301/2022Amended Section on enhanced due diligence requirements for customers identified as having higher risk profile.
      FC-1.401/2022Amended Section to introduce detailed requirements for digital onboarding and related requirements.
      FC-1.5.201/2022Amended Paragraph on onboarding non-Bahraini PEPs using digital ID applications.
      FC-1.601/2022Amended Section on Enhanced Due Diligence: Charities, Clubs and Other Societies.
      FC-1.10.8A01/2022Added a new Paragraph on not applying simplified CDD in situations where the licensee has identified high ML/TF/PF risks.
      FC-2.2.501/2022Amended Paragraph.
      FC-3.3.1B01/2022Amended Paragraph.
      FC-3.3.201/2022Amended Paragraph.
      FC-3.3.501/2022Amended Paragraph.
      FC-3.3.601/2022Deleted Paragraph.
      FC-3.3.701/2022Deleted Paragraph.
      FC-5.1.6A01/2022Deleted Paragraph.
      FC-C.2.301/2023Minor amendment to Paragraph.
      FC-7.2.4(c)01/2023Added a new Sub-paragraph on reporting any frozen assets or actions taken.
      FC-1.1.12A10/2023Amended Sub-Paragraph on the enhanced diligence for the non-resident accounts.
      FC-1.1.12G10/2023Deleted Paragraph.
      FC-1.1.1510/2023Added a new Paragraph on CDD and Customer onboarding requirements.
      FC-1.1110/2023Added a new Section on reliance on third parties for customer due diligence.
      FC-1.2.101/2024Amended Paragraph on customer due diligence.
      FC-1101/2024Added a new Chapter on Crypto-assets.