Skip to Content
Whole SectionText only Print Print Manager Link


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
Back to top