FC-A.2.3
Past version: Effective from 01 Jan 2023 to 30 Sep 2023
To view other versions open the versions tab on the right
A list of recent changes made to this Module is detailed in the table below:
| Module Ref. | Change Date | Description of Changes |
| FC-1.11.1 | 01/01/06 | New text for syndicated business. |
| FC-1.1.3, FC-1.2.8, FC-1.2.11, FC-3.1.4 | 01/01/06 | Correction of minor typos. |
| FC-A.1 | 10/2007 | Updated to reflect new CBB Law: new Rule FC-A.1.3 introduced Categorising this Module as a Directive. |
| FC-5.3.1 | 10/2007 | Updated new e-mail address for the Compliance Directorate. |
| FC-7.1.1 | 10/2007 | Guidance on customer instructions moved from OM-7.1 |
| FC-1.11.1 & FC-4.3.5 | 04/2008 | Minor guidance enhancements |
| FC-1.6.5–6 | 07/2009 | New authorization requirement in respect of transfers of funds to and from foreign countries on behalf of charities. |
| FC-4.1.5 | 10/2009 | Appointment of Deputy MLRO to require CBB prior approval. |
| FC-A.1.3 | 01/2011 | Clarified legal basis. |
| FC-1.10A | 01/2011 | Added Section on Enhanced due diligence: cross border cash transactions equal to an above BD 6,000 by courier. |
| FC-4.3.5 and FC-4.3.6 | 01/2011 | Corrected minor typo. |
| FC-4.1.7 | 10/2011 | Clarified requirements for MLRO. |
| FC-4.3 | 10/2011 | Amended Section to allow for CBB-approved consultancy firm to do required sample testing and report under Paragraph FC-4.3.1. |
| FC-4.3.5 and FC-4.3.6 | 01/2012 | Amended to reflect the addition of approved consultancy firm. |
| FC-4.1.2 | 07/2012 | Corrected cross reference. |
| FC-1.6 | 01/2013 | Added requirement dealing with sport associations registered with the Bahrain Olympic Committee (BOC). |
| FC-1.11.1 | 01/2013 | Updated reference to Bahrain Bourse ('BHB'). |
| FC-1.1.10 to FC-1.1.16, and FC-1.3.4 | 10/2013 | Amended and updated due diligence requirements, including requirements in dealing with non-resident accounts. |
| FC-1.1.13 to FC-1.1.13C | 04/2014 | Added requirements regarding the opening of accounts for non-residents or companies under formation. |
| FC | 10/2014 | Updated to reflect February 2012 update to FATF Recommendations. |
| FC-1.5 | 07/2016 | Aligned definition of PEPs with FATF and moved to Glossary. |
| FC-4.1.1 | 07/2016 | Deleted reference for Appendix FC-4 as requirements are covered under Form 3. |
| FC-5.2.3 | 07/2016 | Updated instructions for STR. |
| FC-B.2.4 | 10/2016 | Deleted reference to Module PCD |
| FC-1.2.9A | 01/2017 | Added guidance paragraph on CR printing |
| FC-8.2.1AA | 04/2017 | Implementing and complying with the United Nations Security Council resolutions requirement. |
| FC-1.1.2B | 10/2017 | Amended paragraph on CDD requirements. |
| FC-1.1.13D — FC-1.1.13H | 10/2017 | Added guidance paragraphs on opening accounts for companies under formation. |
| 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-1.12 | 10/2017 | Added new Section on Simplified CDD: For entities Operating Under Regulatory Sandbox. |
| 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 new paragraph on combining the MLRO or DMLRO position with any other position within the licensee. |
| FC-B.2.4 | 01/2018 | Amended paragraph. |
| FC-1.8.1 | 01/2018 | Amended paragraph. |
| FC-1.9.1 | 01/2018 | Amended paragraph. |
| FC-1.11.1 | 01/2018 | Deleted sub-paragraph (g). |
| FC-5.2.6 | 01/2018 | Amended paragraph. |
| FC-8.1.4 | 01/2018 | Amended paragraph. |
| FC-8.2.2 | 01/2018 | Deleted paragraph. |
| FC-1.1.2 | 07/2018 | Deleted sub-paragraph (g). |
| FC-1.10A | 07/2018 | Amended Section title deleting the threshold. |
| FC-1.10A.2 | 07/2018 | Amended Paragraph deleting the threshold. |
| FC-1.11.3 | 07/2018 | Deleted Paragraph. |
| FC-1.11.8 | 07/2018 | Deleted Paragraph. |
| FC-1.12.10 | 07/2018 | Amended Paragraph number (f). |
| FC-4.3.2C | 10/2018 | Amended Paragraph and changed from Guidance to Rule. |
| FC-1.11.1 | 01/2019 | Amended references. |
| FC-4.3.2 — FC-4.3.5 | 01/2019 | Amended references. |
| FC-7.1.2 | 01/2019 | Amended references. |
| FC-1.6.1A | 07/2019 | Amended Paragraph (GOYS changed to Ministry of Youth & Sport Affairs). |
| FC-1.6.2 | 07/2019 | Amended Paragraph (GOYS changed to Ministry of Youth & Sport Affairs). |
| FC-1.6.2A | 07/2019 | Added a new Paragraph on opening additional bank accounts for Clubs and Youth Centres. |
| FC-1.6.5 | 07/2019 | Amended Paragraph on Fund Transfers. |
| FC-3.1.11 | 07/2019 | Amended Paragraph. |
| FC-1.3.4 | 10/2019 | Amended Paragraph on enhanced due diligence measures for non-GCC account holders. |
| FC-3.2.4 | 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 | Defined 'without delay'. |
| FC-1.1.1 | 01/2020 | Amended Paragraph on procedures approval. |
| FC-1.2.1 | 01/2020 | Added a new sub-Paragraph. |
| FC-3.2.4 | 01/2020 | Amended Paragraph. |
| FC-4.2.1(d) | 01/2020 | Amended sub-Paragraph. |
| FC-4.3.5 | 01/2020 | Amended Paragraph on report submission date. |
| FC-2.1.3 & FC-2.1.4 | 04/2020 | Added new Paragraphs on KPIs compliance with AML/CFT requirements. |
| FC-1.1.14 | 01/2021 | Amended Paragraph on account opening for non-residents. |
| FC-3.1.10A | 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-1.1.14 | 04/2021 | Amended Paragraph. |
| FC-A.1.3 | 01/2022 | Amended Paragraph to replace financial crime with money laundering and terrorism financing |
| FC-C | 01/2022 | New chapter on risk-based approach (RBA) |
| FC-1.1 | 01/2022 | Amendments to general requirements 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 | Amendments to recognise E-KYC and electronic documents law. |
| FC-1.3 | 01/2022 | Amendments to introduce additional guidance in enhanced due diligence requirements. |
| FC-1.4 | 01/2022 | Amendments to introduce detailed requirements for digital onboarding and related requirements. |
| FC-1.5 | 01/2022 | Amendments relating to digital onboarding of Bahraini PEPs. |
| FC-1.11.7A | 01/2022 | Added a new Paragraph on not applying simplified CDD in situations where the licensee has identified high ML/TF/PF risks. |
| FC-1.12 | 01/2022 | Deleted Section on simplified due diligence requirements relating to Regulatory Sandbox since they will be covered separately in the Regulatory Sandbox Framework. |
| FC-4.3.1B | 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-6.1.6A | 01/2022 | Deleted Paragraph. |
| FC-1.1.14A | 07/2022 | Added a new Paragraph on opening accounts for Bahraini national not physically present in Bahrain through a digital onboarding process. |
| FC-C.2.3 | 01/2023 | Minor amendment to Paragraph. |
| FC-1.1.14 | 01/2023 | Amended Paragraph on opening accounts for non-residents. |
| FC-1.1.14B | 01/2023 | Added a new Paragraph on opening accounts for non-residents with golden visa. |
| FC-8.2.4(c) | 01/2023 | Added a new Sub-paragraph on reporting any frozen assets or actions taken. |