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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > Business Standards > FC Financial Crime > FC-B Scope of Application > FC-B.1 License Categories > FC-B.1.2
  • FC-B.1 License Categories

    • FC-B.1.1

      Chapters FC-1 to FC-9 apply to all insurance firmsG and insurance brokersG . These Chapters also apply to insurance managersG where they manage a captive insurer. Chapters FC-1 to FC-9 do not apply to insurance consultantsG .

    • FC-B.1.2

      Chapters FC-1 to FC-9 apply, as specified in Paragraph FC-B.1.1, to all insurance firmsG , insurance brokersG and, where they manage a captive insurerG , insurance managersG , irrespective of whether they are a Bahraini insurance licenseeG or an overseas insurance licenseeG . Overseas insurance licenseesG , and Bahraini insurance licenseesG that are subsidiaries of an overseas group, may apply additional AML/CFT policies and procedures, provided they satisfy the minimum requirements contained in this Module.

      Amended: January 2007
      Amended: October 2007

    • FC-B.1.3

      The Rules and Guidance in this Module are in addition to and supplement the requirements contained in Decree Law No. (4) of 2001 with respect to the prevention and prohibition of the laundering of money; this Law was subsequently updated, with the issuance of Decree Law No. 54 of 2006 with respect to amending certain provisions of Decree No. 4 of 2001 (collectively, 'the AML Law'). The AML Law imposes obligations generally in relation to the prevention of money laundering and the combating of the financing of terrorism, to all persons resident in Bahrain (including financial services firms such as insurance licenseesG ). All insurance licenseesG are under the statutory obligations of that Law, in addition to the more specific requirements contained in this Module. Nothing in this Module is intended to restrict the application of the AML Law (a copy of which is contained in Part B of Volume 3 (Insurance), under 'Supplementary Information'). Also included in Part B is a copy of Decree Law No. 58 of 2006 with respect to the protection of society from terrorism activities ('the anti-terrorism law').

      Amended: January 2007

    • FC-B.1.4

      Chapter FC-10, dealing with insurance fraud, applies to all insurance licenseesG .

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