Back Custom print Link Text Only Rich Text Print

  • FC-B.1 FC-B.1 Scope of Application

    • FC-B.1.1

      This Module applies to all specialised licensees including branches of licensees incorporated outside of Bahrain, and Bahrain-incorporated subsidiaries of overseas groups. Certain parts of this Module may not be relevant to some licensees' business. Some transactions may not involve the opening of account relationships, however whenever a transaction takes place with another party or the licensee acts as an introducer or intermediary in a transaction or business relationship, then this Module becomes effective. Representative office licensees, administrators and ancillary services providers, except ancillary service providers carrying out the activities of payment service provider, crowdfunding platform operator and payment initiation service provider, are exempted from: FC-C, FC-2, FC-3, FC-4 and FC-6 because of the limited nature of their business; however, for these licensees, the Chief Executive Officer/General Manager of the licensee is responsible to comply with the remaining Chapters of Module FC. The scope provided for simplified customer due diligence requirements – as set out in Section FC-1.10 – will reduce the burden of customer due diligence for a number of specialised licensees.

      Amended: January 2022
      Amended: October 2019
      Amended: October 2012
      Amended: July 2011
      October 2010

    • FC-B.1.2

      The requirements of this Module are in addition to and supplement Decree Law No. (4) of 2001 with respect to the prevention and prohibition of the laundering of money; this Law was subsequently updated, with the issuance of Decree Law No. 54 of 2006 with respect to amending certain provisions of Decree No. 4 of 2001 (collectively, 'the AML Law'). The AML Law imposes obligations on persons generally in relation to the prevention of money laundering and the combating of the financing of terrorism, to all persons resident in Bahrain. All specialised licensees are therefore under the statutory obligations of that Law, in addition to the more specific requirements contained in this Module. Nothing in this Module is intended to restrict the application of the AML Law (a copy of which is contained in Part B of Volume 5 (Specialised licensees), under 'Supplementary Information'). Also included in Part B is a copy of Decree Law No. 58 of 2006 with respect to the protection of society from terrorism activities ('the anti-terrorism law).

      October 2010