Regulatory Alerts2021-07-11
Proposed Amendments to Open Banking Regulations
The Central Bank of Bahrain proposes amendments to its Open Banking Regulations, requiring retail banks to obtain direct regulatory approval rather than white-labeling licensed third-party providers to deliver Account Information and Payment Initiation Services. The updated framework expands customer definitions to include corporate entities, mandates free data access for up to 12 months, and establishes bilateral fee structures for value-added services. Furthermore, the regulations enforce bi-annual penetration testing with extended reporting deadlines and require banks to maintain strong customer authentication alongside SMS verification for payment transactions.
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