Regulatory Alerts2015-11-01
CBB Consultation on Proposed Amendments to Module FC Volume 3 for Insurance Licensees
The Central Bank of Bahrain issued this consultation to finalize proposed amendments to Module FC Volume 3 governing anti-money laundering and counter-terrorist financing obligations for insurance licensees. The regulator addresses industry feedback by upholding FATF mandates on general insurance scope, customer due diligence, payment method matching, and Politically Exposed Persons screening while allowing simplified procedures for low-premium transactions. Licensees must implement firm-specific annual risk assessments, verify KYC data through public registers, and maintain ongoing transaction scrutiny to ensure full regulatory compliance.
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