Regulatory Alerts2019-02-19
A circular dated February 19, 2019 regarding instructions for protecting the rights of bank customers
The Central Bank of Bahrain (CBB) has published a set of guidelines on electronic banking services. Here are the key points: 1. Banks must ensure that their systems and security protocols adhere to international standards for ensuring safety and privacy of customer information. 2. Banks must take full responsibility for managing all the risks that customers may be exposed to as a result of using electronic banking services, including potential data breaches, fraud, or cyberattacks. 3. Customers should be informed about protecting their passwords and personal information related to electronic banking services. 4. Banks must provide appropriate channels for customers to conduct all electronic banking transactions. 5. Banks cannot impose additional fees on customers using their electronic banking services. 6. Customers must be notified immediately of any changes to the specific terms and conditions associated with using electronic banking services, such as withdrawal limits or additional charges. 7. Banks must ensure that their electronic banking services meet customer expectations and are up-to-date with current technology. 8. Customers must be made aware of the necessary actions they need to take in case of theft, loss, fraud, or cyberattacks. 9. Banks should provide appropriate communication channels for customers to report theft, loss, fraud, or cyberattacks.