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Location: Central Bank of Bahrain Volume 4—Investment Business > Part A > Business Standards > FC Financial Crime > FC-B Scope of Application > FC-B.1 License Categories
  • FC-B.1 License Categories

    • FC-B.1.1

      This Module applies to all categories of investment firm licenseesG (i.e. categories 1, 2 and 3). Category 3 investment firmsG are exempt from Chapter FC-10, however.

    • FC-B.1.2

      This Module applies to all investment firm licenseesG , irrespective of whether they are a Bahraini investment firm licenseeG or an overseas investment firm licenseeG operating in Bahrain as a branch. Overseas investment firm licenseesG , and Bahraini investment firm licenseesG that are subsidiaries of an overseas-based group, may apply additional AML/CFT policies and procedures, provided they satisfy the minimum requirements contained in this Module.

      Amended: July 2007

    • FC-B.1.3

      Category 3 investment firmsG are exempt from Chapter FC-10 because of the limited nature of their business.

    • FC-B.1.4

      The scope provided for simplified customer due diligence requirements — as set out in Section FC-1.8 — will reduce the burden of customer due diligence for many investment firm licenseesG .

    • FC-B.1.5

      The requirements of this Module are in addition to and supplement 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 investment firm licenseesG ). All investment firm licenseesG are therefore 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 4 (Investment Business), 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

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