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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-A.1;
FC-2;
FC-3;
FC-5;
FC-6.1;
FC-6.2;
FC-6.5		01/07/05Inclusion 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.
FC01/10/05New 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-1.201/01/06Clarified in FC-1.2.11 that the verification for item (a) applies to the identity of the ultimate provider of funds.
FC-3.1.701/04/06Clarified and added guidance Paragraph dealing with residency requirements of MLRO.
FC-4.3.101/07/06Updated contact information for Compliance Directorate.
FC-A.1.401/2007New Rule introduced, categorising this Module as a Directive
FC-1.6.301/2007Clarified simplified due diligence rules for transactions under BD6,000.
FC-3.3.5A and FC-3.3.701/2007Allowed 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-4.3.101/2007Updated new e-mail address for Compliance Directorate.
FC-1.7.2(d)10/2007Clarified 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		10/2007Clarified the record retention period for various transactions to be in line with Article 60 of the CBB Law
FC-3.3.210/2007Clarified the appointment of external auditors for the purposes of the report required under Paragraph FC-3.3.1 (d)
FC-10.1.1110/2007Added reference to new Guidance paper on fraud issued by the IAIS.
FC-3.3.704/2008Clarified 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		04/2008Reduced retention requirements of records to five years to be consistent with AML Law and other Volumes of the CBB Rulebook
Table of Contents07/2008Added Supplementary Documents to Part B.
FC-1.1.307/2009Provided guidance for insurance brokers on definition of 'customers'.
FC-3.1.10,
FC-3.2.1,
FC-4.2.3,
FC-4.3.1		04/2010Updated name and e-mail of relevant authority to Financial Intelligence Unit.
FC-A.1.401/2011Clarified legal basis
FC-3.1.910/2011Clarified requirements for MLRO.
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.
FC-4.2.310/2014Updated method of submitting STRs.
FC-4.310/2014Updated relevant authorities information.
FC10/2015Updated to reflect February 2012 update to FATF Recommendations.
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-3.1.6A10/2017Added paragraph on combining the MLRO or DMLRO position with any other position within the licensee.
FC-B.3.401/2018Amended paragraph.
FC-1.5.501/2018Added new paragraph.
FC-1.5.601/2018Added new paragraph.
FC-1.6.101/2018Deleted sub-paragraph (f).
FC-1.7.101/2018Amended 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 (g).
FC-1.2.107/2018Amended guidance deleting the threshold.
FC-1.6.307/2018Deleted Paragraph.
FC-1.6.907/2018Deleted Paragraph.
FC-1.6.1007/2018Deleted Paragraph.
FC-1.6.101/2019Amended references.
FC-3.3.2 - FC-3.3.501/2019Amended references.
FC-3.3.5A01/2019Deleted paragraph.
FC-3.3.701/2019Amended references.
FC-6.1.201/2019Amended references.
FC-3.1.1010/2019Amended 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-3.3.501/2020Amended Paragraph on report submission date.
FC-3.3.701/2020Amended Paragraphs references.
FC-2.1.4 & FC-2.1.504/2020Added 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-1.5A01/2022Added a new Section on Enhanced Due Diligence: Charities, Clubs and Other Societies
FC-1.6.8A01/2022Added 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-1.1.14A10/2023Amended Sub-Paragraph on the enhanced diligence for the non-resident accounts.
FC-1.1.14E10/2023Deleted Paragraph.
FC-1.1.14I10/2023Deleted Paragraph.
FC-1.1.1710/2023Added a new Paragraph on CDD and Customer onboarding requirements.
FC-1.810/2023Added a new Section on reliance on third parties for customer due diligence.
FC-1.2.101/2024Amended Paragraph on customer due diligence.