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FC-1.10 Simplified Customer Due Diligence FC-1.10.2

FC-1.10.1

Past version: effective from Apr 1 2013 - Dec 31 2017.
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LicenseesG may apply simplified customer due diligence measures, as described in Paragraphs FC-1.10.2 to FC-1.10.6, if:

(a) The transaction is a one-off or occasional transaction not exceeding BD 6,000 (or equivalent in other currencies), or one of a number of transactions which are related and, when taken together, do not exceed BD 6,000 per year (or equivalent in other currencies);
(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 exchangeG ;
(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 exchangeG or a licenseeG 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: April 2013
October 2010
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FC-1.10 Simplified Customer Due Diligence FC-1.10.2
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