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FC-A.2.3

Past version: Effective from 01 Apr 2020 to 31 Dec 2020
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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;
FC-2;
FC-3;
FC-5;
FC-6.1;
FC-6.2;
FC-6.5		 01/07/05 Inclusion of a revised and renamed Customer Due Diligence Chapter (including a new non-face-to-face business Section). Renamed Suspicious Transaction Reporting Chapter, with minor clarifications to the text. Changes to layout of FC-5 and clarifications to the text. Correction of minor typographical and cross-referencing errors.
FC 01/10/05 New Chapter on Non-Cooperative Countries/Territories, and UN notifications. Section on charities removed, since not applicable to insurance licensees. Extensive drafting changes to remainder of text, to improve clarity and ensure consistency across different CBB Rulebooks; but no other changes of substance.
FC-1.2 01/01/06 Clarified in FC-1.2.11 that the verification for item (a) applies to the identity of the ultimate provider of funds.
FC-3.1.7 01/04/06 Clarified and added guidance Paragraph dealing with residency requirements of MLRO.
FC-4.3.1 01/07/06 Updated contact information for Compliance Directorate.
FC-A.1.4 01/2007 New Rule introduced, categorising this Module as a Directive
FC-1.6.3 01/2007 Clarified simplified due diligence rules for transactions under BD6,000.
FC-3.3.5A and FC-3.3.7 01/2007 Allowed for a transition period for the external auditor's report required under SubParagraph FC-3.3.1(d) and clarified when all reports are due.
FC-4.3.1 01/2007 Updated new e-mail address for Compliance Directorate.
FC-1.7.2(d) 10/2007 Clarified the record retention period for introduced business in line with Article 60 of the CBB Law
FC-2.2.3,
FC-2.2.6,
FC-4.2.5,
FC-6.1.1,
FC-6.1.2,
FC-6.1.3		 10/2007 Clarified the record retention period for various transactions to be in line with Article 60 of the CBB Law
FC-3.3.2 10/2007 Clarified the appointment of external auditors for the purposes of the report required under Paragraph FC-3.3.1 (d)
FC-10.1.11 10/2007 Added reference to new Guidance paper on fraud issued by the IAIS.
FC-3.3.7 04/2008 Clarified to whom in the CBB should the reports required under Paragraph FC-3.3.1 be submitted to.
FC-1.7.2,
FC-2.2.3,
FC-2.2.6,
FC-4.2.5,
FC-6.1.1,
FC-6.1.2,
FC-6.1.3		 04/2008 Reduced retention requirements of records to five years to be consistent with AML Law and other Volumes of the CBB Rulebook
Table of Contents 07/2008 Added Supplementary Documents to Part B.
FC-1.1.3 07/2009 Provided guidance for insurance brokers on definition of 'customers'.
FC-3.1.10,
FC-3.2.1,
FC-4.2.3,
FC-4.3.1		 04/2010 Updated name and e-mail of relevant authority to Financial Intelligence Unit.
FC-A.1.4 01/2011 Clarified legal basis
FC-3.1.9 10/2011 Clarified requirements for MLRO.
FC-3.3 10/2011 Amended 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-3.3.6 01/2012 Amended to reflect the addition of approved consultancy firm.
FC-4.2.3 10/2014 Updated method of submitting STRs.
FC-4.3 10/2014 Updated relevant authorities information.
FC 10/2015 Updated to reflect February 2012 update to FATF Recommendations.
FC-1.5.1 07/2016 Aligned definition of PEPs as per FATF Recommendations.
FC-1.5.4 07/2016 Definition of PEPs is already included in Glossary so this guidance paragraph was deleted.
FC-4.2.3 07/2016 Updated instructions for STR.
FC-1.2.9A 01/2017 Added guidance paragraph on CR printing
FC-7.2.1AA 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-1.2.7 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-3.1.6A 10/2017 Added paragraph on combining the MLRO or DMLRO position with any other position within the licensee.
FC-B.3.4 01/2018 Amended paragraph.
FC-1.5.5 01/2018 Added new paragraph.
FC-1.5.6 01/2018 Added new paragraph.
FC-1.6.1 01/2018 Deleted sub-paragraph (f).
FC-1.7.1 01/2018 Amended paragraph.
FC-4.2.6 01/2018 Amended paragraph.
FC-7.1.4 01/2018 Amended paragraph.
FC-7.2.2 01/2018 Deleted paragraph.
FC-1.1.2 07/2018 Deleted sub-paragraph (g).
FC-1.2.1 07/2018 Amended guidance deleting the threshold.
FC-1.6.3 07/2018 Deleted Paragraph.
FC-1.6.9 07/2018 Deleted Paragraph.
FC-1.6.10 07/2018 Deleted Paragraph.
FC-1.6.1 01/2019 Amended references.
FC-3.3.2 - FC-3.3.5 01/2019 Amended references.
FC-3.3.5A 01/2019 Deleted paragraph.
FC-3.3.7 01/2019 Amended references.
FC-6.1.2 01/2019 Amended references.
FC-3.1.10 10/2019 Amended authority name.
FC-3.2.1 10/2019 Amended authority name.
FC-4.2.3 10/2019 Amended authority name.
FC-4.3.2 10/2019 Amended authority name.
FC-7.2.1AA 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-3.3.5 01/2020 Amended Paragraph on report submission date.
FC-3.3.7 01/2020 Amended Paragraphs references.
FC-2.1.4 & FC-2.1.5 04/2020 Added new Paragraphs on KPIs compliance with AML/CFT requirements.