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  • FC-1.10 Simplified Customer Due Diligence

    • FC-1.10.1

      Licensees may apply simplified customer due diligence measures, as described in Paragraphs FC-1.10.2 to FC-1.10.7, if:

      (a) [This Subparagraph was deleted in July 2018];
      (b) The transaction is a wire transfer below the equivalent of US$1000;
      (c) The customer is a company listed on a GCC or FATF member state stock exchange with equivalent disclosure standards to those of a licensed exchange;
      (d) The customer is a financial institution whose entire operations are subject to AML/CFT requirements consistent with the FATF Recommendations / Special Recommendations and it is supervised by a financial services supervisor in a FATF or GCC member state for compliance with those requirements;
      (e) The customer is a financial institution which is a subsidiary of a financial institution located in a FATF or GCC member state, and the AML/CFT requirements applied to its parent also apply to the subsidiary;
      (f) The customer is the Central Bank of Bahrain ('CBB'), a licensed exchange or a licensee of the CBB; or
      (g) The customer 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 shareholder, or a company established by decree in the GCC.
      Amended: January 2019
      Amended: July 2018
      Amended: January 2018
      Amended: April 2013
      October 2010

    • FC-1.10.2

      For customers falling under categories (c) to (g) specified in Paragraph FC-1.10.1, the information required under Paragraph FC-1.2.1 (for natural persons) or FC-1.2.7 (for legal entities) must be obtained. However, the verification, certification and due diligence requirements in Paragraphs FC-1.2.3, FC-1.2.5, FC-1.2.8, FC-1.2.9 and FC-1.2.11, may be dispensed with.

      October 2010

    • FC-1.10.3

      [This Paragraph was deleted in July 2018].

      Deleted: July 2018
      October 2010

    • FC-1.10.4

      Licensees wishing to apply simplified due diligence measures as allowed for under categories (c) to (g) of Paragraph FC-1.10.1 must retain documentary evidence supporting their categorisation of the customer.

      October 2010

    • FC-1.10.5

      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/CFT measures applied in a jurisdiction.

      October 2010

    • FC-1.10.6

      Licensees may use authenticated SWIFT messages as a basis for confirmation of the identity of a financial institution under Subparagraphs FC-1.10.1 (d) and (e) where it is dealing as principal. For customers coming under Subparagraphs FC-1.10.1 (d) and (e), licensees must also obtain and retain a written statement from the parent institution of the subsidiary concerned, confirming that the subsidiary is subject to the same AML/CFT measures as its parent.

      October 2010

    • FC-1.10.7

      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.

      October 2010

    • FC-1.10.8

      [This Paragraph was deleted in July 2018].

      Deleted: July 2018
      October 2010

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