Regulatory Alerts2016-04-27
Volume 5 Money Changers – Module HC (High-level Controls)
The Central Bank of Bahrain published this consultation to finalize high-level control requirements for money changers based on industry feedback. The regulator confirmed that board appointment, conflict of interest, and meeting attendance rules apply uniformly to existing directors, approved persons, and family businesses without imposing heavy establishment costs. The updated module clarifies senior management duties, corrects cross-referencing errors, and mandates written financial statement accountability from the CEO or General Manager alongside the chief financial officer.
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