Title: Bahrain Central Bank’s Rulebook on Financial Crime Prevention: Best Practices for Insurance Sector
Table of Contents
- Module: FC (Financial Crime)
- FC-A: Introduction
- FC-A.1 Purpose
- FC-A: Introduction
Bahrain’s Central Bank update in its Rulebook Volume 3: Insurance aims to help insurance firms and brokers combat financial crimes in the industry. This new module, titled “FC,” focuses on implementing the Financial Action Task Force (FATF) Recommendations and reflects international best practices.
FC-A: Introduction
FC-A.1 Purpose
Bahrain Central Bank’s Rulebook Volume 3: Insurance presents a comprehensive framework for combating financial crimes, primarily focusing on money laundering and terrorist financing. Our objective is to assist insurers in implementing FATF recommendations and International Association of Insurance Supervisors (IAIS) guidance. Furthermore, this module addresses measures for combating fraud.
FC-A.1.1: Executive Summary
This chapter outlines the purpose and scope of the FC module. It is intended to help insurers effectively combat financial crimes relevant to insurance licensees. The module applies to all insurance firms, brokers, and insurance managers (including their subsidiaries). Insurance consultants and managers of captive insurers are exempt from these requirements.
FC-A.1.2: Legal Basis
This module is established on Central Bank of Bahrain (CBB) Directives, issued under its rule-making powers and relevant articles of the Central Bank of Bahrain and Financial Institutions Law 2006. Insurance firms, including their approved persons, are subject to these regulations.