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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > Business Standards > FC Financial Crime > FC-1 Customer Due Diligence > FC-1.7 Introduced Business from Professional Intermediaries
  • FC-1.7 Introduced Business from Professional Intermediaries

    • FC-1.7.1

      Insurance licenseesG may only accept customersG introduced to them by other financial institutions or intermediaries, if they have satisfied themselves that the financial institution or intermediary concerned is subject to FATF-equivalent measures and customer due diligence measures. Where an insurance licenseeG delegates part of the customer due diligence measures to another financial institution or intermediary, the responsibility for meeting the requirements of this Chapter remains with the insurance licenseeG , not the third party.

      Amended: January 2018
      Amended: January 2007

    • FC-1.7.2

      Insurance licenseesG may only accept introduced business if all of the following conditions are satisfied:

      (a) The customer due diligence measures applied by the introducer are consistent with those required by the FATF Recommendations;
      (b) A formal agreement is in place defining the respective roles of the licensee and the introducer in relation to customer due diligence measures. The agreement must specify that the customer due diligence measures of the introducer will comply with the FATF Recommendations;
      (c) The introducer is able to provide all relevant data pertaining to the customer'sG identity, the identity of the policyholderG and beneficiary of the policy and, where applicable, the party/parties on whose behalf the customerG is acting; also, the introducer has confirmed that the licensee will be allowed to verify the customer due diligence measures undertaken by the introducer at any stage; and
      (d) Written confirmation is provided by the introducer confirming that all customer due diligence measures required by the FATF Recommendations have been followed and the customer'sG identity established and verified. In addition, the confirmation must state that any identification documents or other customer due diligence material can be accessed by the insurance licenseeG and that these documents will be kept for at least five years after the policy relationship has ended.
      Amended: October 2015
      Amended: January 2007
      Amended: October 2007
      Amended: April 2008

    • FC-1.7.3

      The insurance licenseeG must perform periodic reviews ensuring that any introducer on which it relies is in compliance with the FATF Recommendations. Where the introducer is resident in another jurisdiction, the insurance licenseeG must also require the introducer to perform periodic reviews to verify whether the jurisdiction is in compliance with the FATF Recommendations.

      Amended: October 2015

    • FC-1.7.4

      Should the insurance licenseeG not be satisfied that the introducer is in compliance with the requirements of the FATF Recommendations, the licensee must conduct its own customer due diligence or not accept or continue the business relationship.

      Amended: October 2015

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