FC-A.2 FC-A.2 Module History
Evolution of Module
FC-A.2.1
This Module was first issued in October 2010. 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.
October 2010FC-A.2.2
A list of recent changes made to this Module is detailed in the table below:
Module Ref. Change Date Description of Changes FC-A.1.4 01/2011 Clarified legal basis. FC-B.1.1 07/2011 Exempted administrators from specific sections of this Module. FC-4.1.7 04/2012 Clarified requirements for MLRO. FC-4.3 04/2012 Amended Section to allow for CBB-approved consultancy firm to do required sample testing and report under Paragraph FC-4.3.1. FC-B.1.1 10/2012 Amended the scope of application to have a limited scope for ancillary services providers and to expand the role of the general managers for those licensees allowed to follow only certain Chapters of Module FC. FC-1.2.3(b) 01/2013 Clarified location of guidance under Part B Supplementary Information Appendix FC-(v). FC-1.2.11(f) and FC-1.2.11A 04/2013 Provided additional details when dealing with employee benefit trusts and occupational savings schemes. FC-1.10.1 04/2013 Updated language to refer to licensed exchange. FC-2.2.3A 04/2013 Guidance Paragraph added for trust service providers on automatic transaction monitoring. FC-7.1.4 04/2013 Reference made to the use of electronic records. FC-5.2.3 10/2014 Updated method of submitting STRs. FC-5.3 10/2014 Updated relevant authorities information. FC-1.2.8 07/2016 Change made for consistency across CBB Rulebook. FC-1.5.4 07/2016 Definition of PEPs is already included in Glossary so this guidance paragraph was deleted. FC-5.2.3 07/2016 Updated instructions for STR. FC-1.2.9A 01/2017 Added guidance paragraph on CR printing FC-8.2.1AA 04/2017 Added new Paragraph on Implementing and complying with the United Nations Security Council resolutions requirement. FC-1.1.2A and FC-1.1.2B 10/2017 Added new paragraphs on CDD requirements. FC-1.2.7 10/2017 Amended paragraph. FC-1.2.8A 10/2017 Added new paragraph on legal entities or legal arrangements CDD. FC-2.2.10 – FC- 2.2.11 10/2017 Amended paragraphs on On-going CDD and Transaction Monitoring. FC-4.1.4A 10/2017 Added paragraph on combining the MLRO or DMLRO position with any other position within the licensee. FC-B.2.4 01/2018 Added new paragraph on implementation of groupwide programmes against money laundering and terrorist financing. FC-1.7.1 01/2018 Amended paragraph. FC-1.10.1 01/2018 Deleted paragraph. FC-5.2.6 01/2018 Amended paragraph. FC-8.1.3 01/2018 Added new paragraph on due diligence measures (FATF). FC-8.1.4 01/2018 Added new guidance paragraph. FC-8.2.2 01/2018 Deleted paragraph. FC-1.1.2 07/2018 Deleted sub-paragraph (a). FC-1.9 07/2018 Amended Section title deleting the threshold. FC-1.9.2 07/2018 Amended Paragraph deleting the threshold. FC-1.10.1 07/2018 Deleted sub-paragraph (a). FC-1.10.3 07/2018 Deleted Paragraph. FC-1.10.8 07/2018 Deleted Paragraph. FC-1.10.1 01/2019 Amended reference. FC-B.1.1 10/2019 Amended Paragraph on scope of application. FC-1.6.4 10/2019 Amended Paragraph on societies and clubs fund transfers. FC-1.8.2 10/2019 Amended authority name. FC-4.1.8 10/2019 Amended authority name. FC-4.2.1 10/2019 Amended authority name. FC-5.2.3 10/2019 Amended authority name. FC-5.3.2 10/2019 Amended authority address. FC-8.2.1AA 10/2019 Amended Paragraph on terrorist financing. FC-1.1.1 01/2020 Amended Paragraph on procedures approval. FC-1.2.1 01/2020 Added a new Sub-paragraph. FC-4.3.5 01/2020 Amended Paragraph on report submission date. FC-4.3.7 01/2020 Amended Paragraph references. FC-2.1.3 & FC-2.1.4 04/2020 Added new Paragraphs on KPIs compliance with AML/CFT requirements. FC-1.1.5A 01/2021 Added a new Paragraph on onboarding of customers by financing companies. FC-1.1.5B 01/2021 Added a new Paragraph on enhanced due diligence for high risk profiles. FC-3.1.5 01/2021 Added a new Paragraph on rejecting payment transactions. FC-6.1.6A 01/2021 Added a new Paragraph on requirements to hire new employees. FC-6.1.6A 07/2021 Amended Paragraph on requirements to hire new employees. FC-A.1.4 01/2022 Amended Paragraph to replace financial crime with money laundering and terrorism financing. FC-B.1.1 01/2022 Amended Paragraph by adding reference to Section FC-C. FC-C 01/2022 New chapter on risk-based approach (RBA). FC-1.1 01/2022 Amended 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-1.2 01/2022 Amended Section to include E-KYC and electronic documents law requirements. FC-1.3.2 01/2022 Added new guidance on enhanced due diligence requirements for customers identified as having higher risk profile. FC-1.4 01/2022 Amended Section to introduce detailed requirements for digital onboarding and related requirements. FC-1.5.2 01/2022 Amended Paragraph on onboarding non-Bahraini PEPs using digital ID applications. FC-1.10.7A 01/2022 Added a new Paragraph on not applying simplified CDD in situations where the licensee has identified high ML/TF/PF risks. FC-2.1.5 01/2022 Added a new Paragraph on including remitting agents in programmes for monitoring. FC-2.2.5 01/2022 Amended Paragraph. FC-3.1.6 – FC-3.1.8 01/2022 Added new Paragraphs on Originating Financial Institutions. FC-3.1.9 – FC-3.1.12 01/2022 Added new Paragraphs on Intermediary Financial Institution/Bank. FC-3.1.13 - FC-3.1.15 01/2022 New Paragraphs on Beneficiary Financial Institutions. FC-4.3.1 01/2022 Amended Paragraph. FC-4.3.2 01/2022 Amended Paragraph. FC-4.3.5 01/2022 Amended Paragraph. FC-4.3.6 01/2022 Deleted Paragraph. FC-4.3.7 01/2022 Deleted Paragraph. FC-6.1.6A 01/2022 Deleted Paragraph. FC-C.2.3 01/2023 Minor amendment to Paragraph. FC-8.2.4(c) 01/2023 Added a new Sub-paragraph on reporting any frozen assets or actions taken. FC-1.1.5A 10/2023 Deleted Paragraph. FC-1.1.13A 10/2023 Amended Sub-Paragraph on the enhanced diligence for the non-resident accounts. FC-1.1.13E 10/2023 Deleted Paragraph. FC-1.1.13I 10/2023 Deleted Paragraph. FC-1.1.14 10/2023 Added a new Paragraph on CDD and Customer onboarding requirements. FC-1.11 10/2023 Added a new Section on reliance on third parties for customer due diligence. FC-1.2.1 01/2024 Amended Paragraph on customer due diligence. Superseded Requirements
FC-A.2.3
Prior to the introduction of this Module, the CBB (BMA then) had issued various regulatory instruments containing requirements covering different aspects of financial crime. These requirements were consolidated and updated into a comprehensive financial crime regulation, issued in January 2006 to all non-bank and non-insurance licensees. In turn, this new consolidated regulation was transposed, with no major changes, into the initial version of this Module. This Regulation and other instruments listed below replaced by this Module are listed below:
Document Ref. Date of Issue Module Ref. Document Subject BC/17/97 10 Nov 1997 FC B-1 Money Laundering OG/308/89 14 Oct 1989 FC B-1 Money Laundering EDBC/6/01 14 Oct 2001 FC 1, FC 4 – FC
7Re: Money Laundering Regulation BC/1/02 27 Jan 2002 FC 3 FATF Special Recommendations on Terrorism Financing BC/3/00 5 Mar 2000 FC 1.5 Re: Accounts for Charity Organisations EDFIS/136/2005 19 June 2005 New draft Financial Crime Regulation and Guidance FIS/C/001/2006 2 Jan 2006 FC-A to FC-10 New Financial Crime Regulation. October 2010