CBB Volume 1: Contents

Central Bank of Bahrain Volume 1—Conventional Banks
Part A
Business Standards
FC Financial Crime
FC-1 Customer Due Diligence
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FC-1.11.1

Conventional bank licenseesG may apply simplified customer due diligence measures, as described in Paragraphs FC-1.11.2 to FC-1.11.7, if:

(a) The customer is the Central Bank of Bahrain ('CBB'), the Bahrain Bourse ('BHB') or a licenseeG of the CBB;
(b) 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 or FATF government is a majority shareholderG , or a company established by decree in the GCC;
(c) The customer is a company listed on a GCC or FATF member state stock exchange (where the FATF state stock exchange has equivalent disclosure standards to those of the BHB);
(d) The customer is a financial institution whose entire operations are subject to AML/CFT 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 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 a borrower in a syndicated transaction where the agent bank is a financial institution whose entire operations are subject to AML/CFT 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; or
(g) [This sub-paragraph was deleted in January 2018].
Amended: January 2019
Amended: January 2018
Amended: October 2014
Amended: April 2013
Amended: January 2013
Amended: April 2008
October 07
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