FC-A.2.3
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. |
FC-5.1.6A | 01/2021 | Added a new 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-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 | 01/2022 | Amended Section 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-1.5A | 01/2022 | Added a new Section on Enhanced Due Diligence: Charities, Clubs and Other Societies |
FC-1.6.8A | 01/2022 | Added a new Paragraph on not applying simplified CDD in situations where the licensee has identified high ML/TF/PF risks. |
FC-2.2.5 | 01/2022 | Amended Paragraph. |
FC-3.3.1B | 01/2022 | Amended Paragraph. |
FC-3.3.2 | 01/2022 | Amended Paragraph. |
FC-3.3.5 | 01/2022 | Amended Paragraph. |
FC-3.3.6 | 01/2022 | Deleted Paragraph. |
FC-3.3.7 | 01/2022 | Deleted Paragraph. |
FC-5.1.6A | 01/2022 | Deleted Paragraph. |
FC-C.2.3 | 01/2023 | Minor amendment to Paragraph. |
FC-7.2.4(c) | 01/2023 | Added a new Sub-paragraph on reporting any frozen assets or actions taken. |
FC-1.1.14A | 10/2023 | Amended Sub-Paragraph on the enhanced diligence for the non-resident accounts. |
FC-1.1.14E | 10/2023 | Deleted Paragraph. |
FC-1.1.14I | 10/2023 | Deleted Paragraph. |
FC-1.1.17 | 10/2023 | Added a new Paragraph on CDD and Customer onboarding requirements. |
FC-1.8 | 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. |