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Financial Crime Module for Islamic Banks in Bahrain

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Scope of Application

The Central Bank of Bahrain’s Financial Crime Module applies to all Islamic bank licensees in Bahrain, including branches of banks incorporated outside of Bahrain and subsidiaries of overseas groups. The module supplements the requirements contained in Decree Law No. 4 of 2001 (AML Law) and Decree Law No. 54 of 2006.

Key Points

• Applies to all Islamic bank licensees in Bahrain
• Includes branches of banks incorporated outside of Bahrain
• Includes subsidiaries of overseas groups

Overseas Subsidiaries and Branches

Islamic bank licensees must apply the requirements in this Module to all their branches and subsidiaries operating both in Bahrain and in foreign jurisdictions. Where local standards differ, the higher standard must be followed.

Key Points

• Apply Module requirements to all branches and subsidiaries
• Higher standard must be followed where local standards differ
• Financial groups must implement group-wide programs against money laundering and terrorist financing

Risk-Based Approach (RBA)

An Islamic bank licensee must implement RBA in establishing an AML/CFT program and conduct ML/TF risk assessments prior to and during the establishment of a business relationship, and on an ongoing basis throughout the course of its relationship with the customer.

Key Points

• Implement RBA in AML/CFT program
• Conduct ML/TF risk assessments regularly
• RBA is central to effective implementation of FATF Recommendations