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Location: Central Bank of Bahrain Volume 4—Investment Business > Part A > Business Standards > FC Financial Crime > FC-5 Staff Training and Recruitment > FC-5.1 General Requirements > FC-5.1.1
  • FC-5.1 General Requirements

    • FC-5.1.1

      Investment firm licenseesG must take reasonable steps to provide periodic training and information to ensure that staff who handle customer transactions, or are managerially responsible for such transactions, are made aware of:

      (a) Their responsibilities under the AML Law, this Module, and any other relevant AML/CFT laws and Regulations;
      (b) The identity and responsibilities of the MLRO and his deputy;
      (c) The potential consequences, both individual and corporate, of any breach of the AML Law, this Module and any other relevant AML/CFT laws or Regulations;
      (d) The licensee'sG current AML/CFT policies and procedures;
      (e) Money laundering and terrorist financing typologies and trends;
      (f) The type of customer activity or transaction that may justify an internal report in accordance with Section FC-4.1;
      (g) The licensee's procedures for making an internal report as per Section FC-4.1; and
      (h) Customer due diligence measures with respect to establishing business relations with customers.
      Amended: January 2007

    • FC-5.1.2

      The information referred to in Paragraph FC-5.1.1 must be brought to the attention of relevant new employeesG of investment firm licenseesG , and must remain available for reference by staff during their period of employment.

      Amended: January 2007

    • FC-5.1.3

      Relevant new employeesG must be given AML/CFT training within three months of joining a licenseeG .

      Amended: January 2007

    • FC-5.1.4

      Investment firm licenseesG must ensure that their AML/CFT training for relevant staff remains up-to-date, and is appropriate given the licensee'sG activities and customer base.

      Amended: January 2007

    • FC-5.1.5

      The CBB would normally expect AML/CFT training to be provided to relevant staff at least once a year.

      Amended: January 2007

    • FC-5.1.6

      Investment firm licenseesG must develop adequate screening procedures to ensure high standards when hiring employees. These procedures must include controls to prevent criminals or their associates from being employed by investment firm licenseesG .

      Amended: January 2007

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