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Location: Central Bank of Bahrain Volume 5—Specialised Licensees > Common Modules (Applicable to all Specialised Licensees) > Part A > Business Standards > FC Financial Crime > FC-3 Money Transfers and Alternative Remittances
  • FC-3 Money Transfers and Alternative Remittances

    • FC-3.1 Electronic Transfers

      • Outward Transfers

        • FC-3.1.1

          LicenseesG must include all required originator information details with the accompanying electronic transfers of funds they make on behalf of their customers. Non-routine transfers must not be batched, if batching increases the risks of money laundering or terrorist financing. This obligation does not apply where the transfer is made by a licenseeG acting as principal or acting on behalf of another licenseeG as principal such as in the case of payment of spot FX transactions.

          October 2010

        • FC-3.1.2

          For the purposes of this Chapter, "Originator Information" means:

          (a) The name of the payer;
          (b) The address of the payer; and
          (c) The unique customer or transaction or account number of the payer.
          Amended: April 2012
          October 2010

        • FC-3.1.3

          It is not necessary for the recipient institution to pass the originator information on to the payee. The obligation is discharged simply by notifying the recipient institution of the originator information at the time the transfer is made.

          October 2010

      • Inward Transfers

        • FC-3.1.4

          LicenseesG must:

          (a) Maintain records (in accordance with Chapter FC-7 of this Module) of all originator information received with an inward transfer (see Section FC-1.10 for simplified arrangements for transfers below US$1,000); and
          (b) Carefully scrutinise inward transfers which do not contain originator information (i.e. full name, address and account number or a unique customer identification number – see Paragraph FC-1.9.1 for simplified arrangements). LicenseesG must presume that such transfers are "suspicious transactions" and pass them to the MLRO for review for determination as to possible filing of an STR, unlessG (a), the sending institution is able to promptly (i.e. within two business days) advise the licenseeG in writing of the originator information upon the licensee'sG request; or (b), the sending institution and the licenseeG are acting on their own behalf (as principals); or (c), the inward transfer is below US$1,000 or equivalent in other currencies.
          Amended: April 2012
          October 2010

    • FC-3.2 Remittances on Behalf of other Money Transferors

      • FC-3.2.1

        Whenever a licenseeG uses the services of Authorised Money Transferors to effect the transfer of funds for a customer to a person or organisation in another country, that licenseeG must, in respect of the amount so transferred, maintain records of:

        (a) The identity of its customer(s) in accordance with Chapters FC-1 and FC-7 of this Module; and
        (b) The exact amount transferred for each such customer (particularly where a single transfer is effected for more than one customer).
        Amended: April 2012
        October 2010

      • FC-3.2.2

        LicenseesG must be able to produce this information for inspection immediately upon request by the CBB.

        October 2010

      • FC-3.2.3

        LicenseesG must not transfer funds for customers to a person or organisation in another country by any means other than through an Authorised Money Transferor. Where a licenseeG is found to be in contravention of this rule, the CBB will not hesitate to impose sanctions upon that licenseeG (and in serious cases may revoke the license).

        October 2010

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