BackText onlyPrint

You need the Flash plugin.

Download Macromedia Flash Player



Location: Central Bank of Bahrain Volume 3—Insurance > Part A > Business Standards > FC Financial Crime > FC-1 Customer Due Diligence
  • FC-1 Customer Due Diligence

    • FC-1.1 General Requirements

      • Verification of Identity and Source of Funds

        • FC-1.1.1

          Insurance licenseesG must establish effective systematic internal procedures for establishing and verifying the identity of their customersG and the source of their funds. Such procedures must be set out in writing and approved by the licensee's Board of Directors and senior management (as applicable) and must be strictly adhered to.

          Amended: October 2015
          Amended: January 2007

        • FC-1.1.2

          Insurance licenseesG must implement the customer due diligence measures outlined in this Chapter when:

          (a) Establishing business relations with a new or existing customer;
          (b) A change to the signatory or policyholder beneficiary is made;
          (c) A significant transaction takes place;
          (d) There is a material change in the terms of an insurance policy or in the manner in which the business relationship is conducted;
          (e) CustomerG documentation standards change substantially;
          (f) The insurance licenseeG has doubts about the veracity or adequacy of previously obtained customer due diligence information;
          (g) [This Sub-paragraph was deleted in July 2018]; or
          (h) There is a suspicion of money laundering or terrorist financing.
          Amended: July 2018
          Amended: January 2007

        • FC-1.1.2A

          Insurance licenseesG must understand, and as appropriate, obtain information on the purpose and intended nature of the business relationship.

          Added: October 2015

        • FC-1.1.2B

          Insurance licenseesG must conduct ongoing due diligence on the business relationship, including:

          (a) Scrutinizing of transactions undertaken throughout the course of that relationship to ensure that the transactions being conducted are consistent with the institution's knowledge of the customer, their business and risk profile, including, where necessary, the source of funds; and
          (b) Ensuring that documents, data or information collected under the CDD process is kept up-to-date and relevant, by undertaking reviews of existing records, particularly for higher risk categories of customers.
          Amended: October 2017
          Added: October 2015

        • FC-1.1.3

          For the purposes of this Module, 'customer' includes counterparties such as reinsurers and financial markets counterparties, as well as persons insured by the licensee. However, in the case of group insurance policies (such as group life or medical), the requirements in this Module need not be applied to all policyholdersG : see Paragraph FC-1.2.13. For insurance brokersG , 'customer' refers to policyholdersG .

          Amended: July 2009
          Amended: January 2007

        • FC-1.1.4

          The CBB's specific minimum standards to be followed with respect to verifying customer identity and source of funds are contained in Section FC-1.2. Enhanced requirements apply under certain high-risk situations: these requirements are contained in Sections FC-1.3 to FC-1.5 inclusive. Simplified customer due diligence measures may apply in defined circumstances: these are set out in Section FC-1.6.

          Amended: January 2007

        • FC-1.1.5

          Where an insurance licenseeG is dealing with an intermediary such as a broker, reliance may be placed on customer identification undertaken by the intermediary, if certain conditions are satisfied: please refer to Chapter FC-1.7.

      • Verification of Third Parties

        • FC-1.1.6

          Insurance licenseesG must obtain a signed statement from all new customersG confirming whether or not the customerG is acting on their own behalf or not. This undertaking must be obtained prior to conducting any transactions with the customerG concerned.

          Amended: January 2007

        • FC-1.1.7

          Where a customerG is acting on behalf of a third party, the insurance licenseeG must also obtain a signed statement from the third party, confirming they have given authority to the customerG to act on their behalf. Where the third party is a legal person, the insurance licenseeG must have sight of the original Board resolution (or other applicable document) authorising the customerG to act on the third party's behalf, and retain a certified copy.

          Amended: January 2007

        • FC-1.1.8

          Insurance licenseesG must establish and verify the identity of the customerG and (where applicable) the party/parties on whose behalf the customerG is acting. In the case of insurance policies, the identity of the beneficiaries must also be separately identified and verified, and the relationship between the insured party and the beneficiaries must be ascertained. Verification must take place in accordance with the requirements specified in this Chapter.

          Amended: January 2007

        • FC-1.1.9

          If claims, commissions, and other monies are to be paid to persons (including partnerships, companies, etc.) other than the policyholderG , then the identity of the proposed recipient of these monies must also be verified in accordance with the requirements specified in this Chapter.

          Amended: January 2007

        • FC-1.1.10

          Where a policy is provided to a minor or other person lacking full legal capacity, the normal identification procedures as set out in this Chapter must be followed. In the case of minors, licensees must additionally verify the identity of the parent(s) or legal guardian(s). Where a third party on behalf of a person lacking full legal capacity subscribes to a policy, the licensee must establish the identity of that third party as well as the intended policyholderG .

          Amended: January 2007

      • Anonymous and Nominee Accounts

        • FC-1.1.11

          Insurance licenseesG must not establish or keep anonymous policies or policies in fictitious names. Where insurance licenseesG maintain a nominee account, which is controlled by or held for the benefit of another person, the identity of that person must be disclosed to the insurance licenseeG and verified by it in accordance with the requirements specified in this Chapter.

      • Timing of Verification

        • FC-1.1.12

          Insurance licenseesG must not commence a business relationship or undertake a transaction with a customerG before completion of the relevant customer due diligence ('CDD') measures specified in this Chapter. However, verification may be completed after receipt of funds in the case of non face-to-face business, or the subsequent submission of CDD documents by the customerG after initial face-to face contact, providing that no disbursement of funds takes place until after the requirements of this Chapter have been fully met.

          Amended: January 2007

      • Incomplete Customer Due Diligence

        • FC-1.1.13

          Where an insurance licenseeG is unable to comply with the requirements specified in this Chapter, it must consider whether to terminate the relationship or not proceed with the transaction. If funds have been received, these must be returned to the counterparty in the same method as originally received. If it proceeds with the transaction (to avoid tipping off the customerG ), it should additionally consider whether it should file a suspicious transaction report.

          Amended: October 2015
          Amended: January 2007

        • FC-1.1.14

          See also Chapter FC-4, which covers the filing of suspicious transaction reports. Regarding the return of funds to the counterparty, if funds are received in cash, funds should be returned in cash. If funds are received by wire transfer, they should be returned by wire transfer.

          Amended: October 2015

      • Existing Customers

        • FC-1.1.15

          [This Paragraph was deleted in October 2015.]

          Deleted: October 2015

        • FC-1.1.16

          [This Paragraph was deleted in October 2015.]

          Deleted: October 2015
          Amended: January 2007

    • FC-1.2 Face-to-face Business

      • Natural Persons

        • FC-1.2.1

          If the customer is a natural person, the insurance licenseeG must obtain and record the following information (in hard copy or electronic form), before providing financial services of any kind:

          (a) Full legal name and any other names used;
          (b) Full permanent address (i.e. the residential address of the customer; a post office box is insufficient);
          (c) Date and place of birth;
          (d) Nationality;
          (e) Passport number (if the customer is a passport holder);
          (f) CPR or Iqama number (for Bahraini or GCC residents only);
          (g) Telephone/fax number and email address (where applicable);
          (h) Occupation or public position held (where applicable);
          (i) Employer's name and address (if self-employed, the nature of the self-employment);
          (j) Type of policy, and nature and volume of anticipated business dealings with the insurance licenseeG ;
          (k) Signature of the customer(s)G ; and
          (l) Source of funds for payment of premium.
          Amended: July 2018
          Amended: January 2007

        • FC-1.2.2

          See Part B, Volume 3 (Insurance), for a Guidance Note on source of funds.

        • FC-1.2.3

          The insurance licenseeG must verify the information in Paragraph FC-1.2.1 (a) to (f), by the following methods below; at least one of the copies of the identification documents mentioned in (a) and (b) below must include a clear photograph of the customer:

          (a) Confirmation of the date of birth and legal name, by taking a copy of a current valid official original identification document (e.g. birth certificate, passport, CPR or Iqama);
          (b) Confirmation of the permanent address by taking a copy of a recent utility bill, bank statement or similar statement from another licensee or financial institution, or some form of official correspondence or official documentation card, such as CPR, from a public/governmental authority, or a tenancy agreement or record of home visit by an official of the insurance licenseeG ; and
          (c) Where appropriate, direct contact with the customer by phone, letter or email to confirm relevant information, such as residential address information.
          Amended: January 2007

        • FC-1.2.4

          Any document copied for the purpose of identification verification must be an original. An authorised official of the licensee must certify the copy, by writing on it the words 'original sighted', together with the date and his signature. Equivalent measures must be taken for electronic copies.

        • FC-1.2.5

          Identity documents which are not obtained by an authorised official of the licensee in original form (e.g. due to a customerG sending a copy by post following an initial meeting) must instead be certified (as per FC-1.2.4) by one of the following from a GCC or FATF member state:

          (a) A lawyer;
          (b) A notary;
          (c) A chartered/certified accountant;
          (d) An official of a government ministry;
          (e) An official of an embassy or consulate; or
          (f) An official of another licensed financial institution or of an associate company of the licensee.
          Amended: January 2007

        • FC-1.2.6

          The individual making the certification under FC-1.2.5 must give clear contact details (e.g. by attaching a business card or company stamp). The insurance licenseeG must verify the identity of the person providing the certification through checking membership of a professional organisation (for lawyers or accountants), or through checking against databases/websites, or by direct phone or email contact.

          Amended: January 2007

      • Legal Entities or Legal Arrangements (such as trusts)

        • FC-1.2.7

          If the customerG is a legal entity or a legal arrangement such as a trust, the insurance licenseeG must obtain and record the following information from original identification documents, databases or websites, in hard copy or electronic form, to identify the customerG and to take reasonable measures to verify its identity, legal existence and structure:

          (a) The entity's full name and other trading names used;
          (b) Registration number (or equivalent);
          (c) Legal form and proof of existence;
          (d) Registered address and trading address (where applicable);
          (e) Type of business activity;
          (f) Date and place of incorporation or establishment;
          (g) Telephone, fax number and email address;
          (h) Regulatory body or listing body (for regulated activities such as financial services and listed companies);
          (hh) The names of the relevant persons having a senior management position in the legal entity or legal arrangement;
          (i) Name of external auditorG (where applicable);
          (j) Type of policy, and nature and volume of anticipated business dealings with the insurance licenseeG ; and
          (k) Source of funds for payment of premium.
          Amended: October 2017
          Amended: January 2007

        • FC-1.2.8

          The information provided under FC-1.2.7 must be verified by obtaining certified copies of the following documents, as applicable (depending on the legal form of the entity):

          (a) Certificate of incorporation and/or certificate of commercial registration or trust deed;
          (b) Memorandum of association;
          (c) Articles of association;
          (d) Partnership agreement;
          (e) Board resolution seeking the insurance services (only necessary in the case of private or unlisted companies);
          (f) Identification documentation of the authorised signatories of the insurance contract;
          (g) Copy of the latest financial report and accounts, audited where possible (audited copies do not need to be certified); and
          (h) List of authorised signatories of the company for the insurance contract and a Board resolution (or other applicable document) authorising the named signatories or their agent to receive any proceeds from the insurance contract or to modify the terms of the contract (resolution only necessary for private or unlisted companies).
          Amended: January 2007

        • FC-1.2.8A

          For customers that are legal persons, Insurance licenseesG must identify and take reasonable measures to verify the identity of beneficial owners through the following information:

          (a) The identity of the natural person(s) who ultimately have a controlling ownership interest in a legal person, and
          (b) To the extent that there is doubt under (a) as to whether the person(s) with the controlling ownership interest is the beneficial owner(s), or where no natural person exerts control of the legal person or arrangement through other means; and
          (c) Where no natural person is identified under (a) or (b) above, the identity of the relevant natural person who holds the position of senior managing official.
          Amended: October 2017
          Amended: January 2007

        • FC-1.2.9

          Documents obtained to satisfy the requirements in FC-1.2.8 above must be certified in the manner specified in FC-1.2.4 to FC-1.2.6.

        • FC-1.2.9A

          For the purpose of Paragraph FC-1.2.8(a), the requirement to obtain a certified copy of the commercial registration, may be satisfied by obtaining a commercial registration abstract printed directly from the Ministry of Industry, Commerce and Tourism's website, through "SIJILAT Commercial Registration Portal".

          Added: January 2017

        • FC-1.2.10

          The documentary requirements in FC-1.2.8 above do not apply in the case of FATF/GCC listed companies: see Section FC-1.6 below. Also, the documents listed in FC-1.2.8 above are not exhaustive: for customersG from overseas jurisdictions, documents of an equivalent nature may be produced as satisfactory evidence of a customer'sG identity.

          Amended: January 2007

        • FC-1.2.11

          Insurance licenseesG must also obtain and document the following due diligence information. These due diligence requirements must be incorporated in the licensee's new business procedures:

          (a) Enquire as to the structure of the legal entity or trust sufficient to determine and verify the identity of the ultimate provider of funds and ultimate controller of the funds (if different);
          (b) Ascertain whether the legal entity has been or is in the process of being wound up, dissolved, struck off or terminated;
          (c) Obtain the names, country of residence and nationality of Directors or partners (only necessary for private or unlisted companies, and for trustees in the case of trusts);
          (d) Require, through new customer documentation or other transparent means, updates on significant changes to corporate ownership and/or legal structure;
          (e) Obtain and verify the identity of shareholdersG holding 20% or more of the issued capital (where applicable). The requirement to verify the identity of these shareholdersG does not apply in the case of FATF/GCC listed companies;
          (f) In the case of trusts or similar arrangements, establish the identity of the settlor(s), trustee(s), and beneficiaries (including making such reasonable enquiries as to ascertain the identity of any other potential beneficiary, in addition to the named beneficiaries of the trust); and
          (g) Where a licensee has reasonable grounds for questioning the authenticity of the information supplied by a customerG , conduct additional due diligence to confirm the above information.
          Amended: January 2007

        • FC-1.2.12

          For the purposes of Paragraph FC-1.2.11, acceptable means of undertaking such due diligence might include taking bank references; visiting or contacting the company by telephone; undertaking a company search or other commercial enquiries; accessing public and private databases (such as stock exchange lists); making enquiries through a business information service or credit bureau; confirming a company's status with an appropriate legal or accounting firm; or undertaking other enquiries that are commercially reasonable.

        • FC-1.2.13

          In the case of group insurance policies (such as group life or medical insurance), customer identification may be limited to the principal shareholdersG and Directors of the contracting company.

          Amended: January 2007

    • FC-1.3 Enhanced Customer Due Diligence: General Requirements

      • FC-1.3.1

        Enhanced customer due diligence must be performed on those customersG identified as having a higher risk profile, and additional inquiries made or information obtained in respect of those customersG .

        Amended: January 2007

      • FC-1.3.2

        The additional information referred to in Paragraph FC-1.3.1 might include documents (either in hard copy or electronic format) relating to the following:

        (a) Evidence of a person's permanent address through the use of a credit reference agency search or through independent verification by home visit;
        (b) A personal reference (e.g. by an existing customerG of the insurance licenseeG );
        (c) Another licensed entity's reference and contact with the concerned licensee regarding the customerG ;
        (d) Documentation outlining the customer'sG source of wealth;
        (e) Documentation outlining the customer'sG source of income; and
        (f) Independent verification of employment, or public position held.
        Amended: January 2007

      • FC-1.3.3

        In addition to the general Rule contained in Paragraph FC-1.3.1 above, special care is required in the circumstances specified in Sections FC-1.4 to FC-1.5 inclusive.

        Amended: January 2007

    • FC-1.4 Enhanced Customer Due Diligence: Non face-to-face Business and New Technologies

      • FC-1.4.1

        Insurance licenseesG must establish specific procedures for verifying customerG identity where no face-to-face contact takes place.

        Amended: January 2007

      • FC-1.4.2

        Where no face-to-face contact takes place, insurance licenseesG must take additional measures (to those specified in Section FC-1.2), in order to mitigate the potentially higher risk associated with such business. In particular, insurance licenseesG must take measures:

        (a) To ensure that the customerG is the person they claim to be; and
        (b) To ensure that the address provided is genuinely the customer'sG .
        Amended: January 2007

      • FC-1.4.3

        There are a number of checks that can provide an insurance licenseeG with a reasonable degree of assurance as to the authenticity of the applicant. They include:

        (a) Telephone contact with the applicant on an independently verified home or business number;
        (b) With the customer'sG consent, contacting an employer to confirm employment, via phone through a listed number or in writing; and
        (c) Requiring a premium payment to be made from an account in the customer'sG name at a bank having equivalent CDD standards.
        Amended: January 2007

      • FC-1.4.4

        Financial services provided via post, telephone or internet pose greater challenges for customerG identification and AML/CFTG purposes. Insurance licenseesG must establish procedures to prevent the misuse of technological developments in money laundering or terrorist financing schemes. Insurance licenseesG must also ensure that they comply with any e-commerce laws and/or CBB Modules issued from time to time.

        Amended: January 2007

      • FC-1.4.5

        Insurance licenseesG must identify and assess the money laundering or terrorist financing risks that may arise in relation to:

        (a) The development of new products and new business practices, including new delivery mechanisms; and
        (b) The use of new or developing technologies for both new and pre-existing products.
        Added: October 2015

      • FC-1.4.6

        For purposes of Paragraph FC-1.4.5, such a risk assessment must take place prior to the launch of the new products, business practices or the use of new or developing technologies. Insurance licenseesG must take appropriate measures to manage and mitigate those risks.

        Added: October 2015

    • FC-1.5 Enhanced Customer Due Diligence: Politically Exposed Persons ('PEPs')

      • FC-1.5.1

        Insurance licenseesG must have appropriate risk management systems to determine whether a customerG or beneficial owner is a Politically Exposed Person ('PEP')G , both at the time of establishing business relations and thereafter on a periodic basis. Licensees must utilise publicly available databases and information to establish whether a customer is a PEPG .

        Amended: July 2016
        Amended: October 2015
        Amended: January 2007
        Amended: October 2007

      • FC-1.5.2

        Insurance licenseesG must establish a client acceptance policy with regard to PEPs, taking into account the reputational and other risks involved. Senior management approval must be obtained before a PEP is accepted as a customerG .

        Amended: January 2007

      • FC-1.5.3

        Where an existing customerG is a PEPG , or subsequently becomes a PEP, enhanced monitoring and customer due diligence measures must include:

        (a) Analysis of complex financial structures, including trusts, foundations or international business corporations;
        (b) A written record in the customerG file to establish that reasonable measures have been taken to establish both the source of wealth and the source of funds;
        (c) Development of a profile of anticipated customerG activity, to be used in on-going monitoring;
        (d) Approval of senior management for allowing the customerG relationship to continue; and
        (e) On-going account monitoring of the PEP'sG account by senior management (such as the MLRO).
        Amended: January 2007

      • FC-1.5.3A

        In cases of higher risk business relationships with such persons, mentioned in Paragraph FC-1.5.1, insurance licenseesG must apply the measures referred to in Subparagraphs FC-1.5.3 (b), (d) and (e).

        Added: October 2015

      • FC-1.5.3B

        The requirements for all types of PEPG must also apply to family or close associates of such PEPsG .

        Added: October 2015

      • FC-1.5.3C

        For the purpose of Paragraph FC-1.5.3B, 'family' means spouse, father, mother, sons, daughters, sisters and brothers. 'Associates' are persons associated with a PEPG whether such association is due to the person being an employee or partner of the PEPG or of a firm represented or owned by the PEPG , or family links or otherwise.

        Added: October 2015

      • FC-1.5.4

        [This Paragraph was deleted in July 2016 as definition is included under Part B in the Glossary.]

        Deleted: July 2016
        Amended: October 2015
        Amended: January 2007

      • FC-1.5.5

        In relation to life insurance policies, insurance licenseesG must take reasonable measures to determine whether the beneficiaries and/or, where required, the beneficial owner of the beneficiaryG , are PEPs. This must occur, at the latest, at the time of the payout.

        Added: January 2018

      • FC-1.5.6

        Where higher risks are identified, senior managementG must be informed before the payout of the policy proceeds, in order to conduct enhanced scrutiny on the whole business relationship with the policyholder, and to consider making a suspicious transaction report.

        Added: January 2018

    • FC-1.6 Simplified Customer Due Diligence

      • FC-1.6.1

        Insurance licenseesG may apply simplified customer due diligence measures, as described in Paragraphs FC-1.6.2 to FC-1.6.8, if:

        (a) The customerG is the Central Bank of Bahrain ('CBB'), the Bahrain Bourse ('BHB') or a licensee of the CBB;
        (b) The customerG is a Ministry of a Gulf Cooperation Council ('GCC') or Financial Action Task Force ('FATF') member state government, a company in which a GCC government is a majority shareholderG , or a company established by decree in the GCC;
        (c) The customerG is a company listed on a GCC or FATF member state stock exchange with equivalent disclosure standards to those of the BHB;
        (d) The customerG is a financial institution whose entire operations are subject to AML/CFTG requirements consistent with the FATF Recommendations and it is supervised by a financial services supervisor in a FATF or GCC member state for compliance with those requirements;
        (e) The customerG is a financial institution that is a subsidiaryG of a financial institution located in a FATF or GCC member state, and the AML/CFTG requirements applied to its parent also apply to the subsidiary; or
        (f) [This Subparagraph was deleted in January 2018].
        (g) The transaction is a long-term insurance contract, either taken out in connection with a pension scheme relating to the customer'sG employment or occupation, or contains a no surrender clause and cannot be used as security for a loan.
        Amended: January 2019
        Amended: January 2018
        Amended: October 2015
        Amended: January 2007

      • FC-1.6.2

        For customersG falling under the categories (a) to (e) specified in Paragraph FC-1.6.1, the information required under Paragraph FC-1.2.1 (for natural persons) or FC-1.2.7 (for legal entities or legal arrangements such as trusts) must be obtained. However, the verification and certification requirements in Paragraphs FC-1.2.3 and FC-1.2.8, and the due diligence requirements in Paragraph FC-1.2.11, may be dispensed with.

        Amended: January 2007

      • FC-1.6.3

        [This Paragraph was deleted in July 2018].

        Deleted: July 2018
        Amended: January 2007

      • FC-1.6.4

        Insurance licenseesG wishing to apply simplified due diligence measures as allowed for under Paragraph FC-1.6.1 must retain documentary evidence supporting their categorisation of the customerG .

        Amended: January 2007

      • FC-1.6.5

        Examples of such documentary evidence may include a printout from a regulator's website, confirming the licensed status of an institution, and internal papers attesting to a review of the AML/CFTG measures applied in a jurisdiction.

      • FC-1.6.6

        For customersG coming under Paragraph FC-1.6.1 (e), licensees must also obtain and retain a written statement from the parent institution of the subsidiaryG concerned, confirming that the subsidiaryG is subject to the same AML/CFTG measures as its parentG .

        Amended: January 2007

      • FC-1.6.7

        [This Paragraph was deleted in January 2007]

        Deleted: January 2007

      • FC-1.6.8

        Simplified customer due diligence measures must not be applied where a licensee knows, suspects, or has reason to suspect, that the applicant is engaged in money laundering or terrorism financing or that the transaction is carried out on behalf of another person engaged in money laundering or terrorism financing.

      • FC-1.6.9

        [This Paragraph was deleted in July 2018].

        Deleted: July 2018

      • FC-1.6.10

        [This Paragraph was deleted in July 2018].

        Deleted: July 2018
        Amended: January 2007

    • FC-1.7 Introduced Business from Professional Intermediaries

      • FC-1.7.1

        Insurance licenseesG may only accept customersG introduced to them by other financial institutions or intermediaries, if they have satisfied themselves that the financial institution or intermediary concerned is subject to FATF-equivalent measures and customer due diligence measures. Where an insurance licenseeG delegates part of the customer due diligence measures to another financial institution or intermediary, the responsibility for meeting the requirements of this Chapter remains with the insurance licenseeG , not the third party.

        Amended: January 2018
        Amended: January 2007

      • FC-1.7.2

        Insurance licenseesG may only accept introduced business if all of the following conditions are satisfied:

        (a) The customer due diligence measures applied by the introducer are consistent with those required by the FATF Recommendations;
        (b) A formal agreement is in place defining the respective roles of the licensee and the introducer in relation to customer due diligence measures. The agreement must specify that the customer due diligence measures of the introducer will comply with the FATF Recommendations;
        (c) The introducer is able to provide all relevant data pertaining to the customer'sG identity, the identity of the policyholderG and beneficiary of the policy and, where applicable, the party/parties on whose behalf the customerG is acting; also, the introducer has confirmed that the licensee will be allowed to verify the customer due diligence measures undertaken by the introducer at any stage; and
        (d) Written confirmation is provided by the introducer confirming that all customer due diligence measures required by the FATF Recommendations have been followed and the customer'sG identity established and verified. In addition, the confirmation must state that any identification documents or other customer due diligence material can be accessed by the insurance licenseeG and that these documents will be kept for at least five years after the policy relationship has ended.
        Amended: October 2015
        Amended: January 2007
        Amended: October 2007
        Amended: April 2008

      • FC-1.7.3

        The insurance licenseeG must perform periodic reviews ensuring that any introducer on which it relies is in compliance with the FATF Recommendations. Where the introducer is resident in another jurisdiction, the insurance licenseeG must also require the introducer to perform periodic reviews to verify whether the jurisdiction is in compliance with the FATF Recommendations.

        Amended: October 2015

      • FC-1.7.4

        Should the insurance licenseeG not be satisfied that the introducer is in compliance with the requirements of the FATF Recommendations, the licensee must conduct its own customer due diligence or not accept or continue the business relationship.

        Amended: October 2015

Back to top