Regulatory Alerts2023-05-02
Proposed Two-Factor Authentication Requirements for Volume 5 – Specialised Licensees
The Central Bank of Bahrain proposes mandatory two-factor authentication requirements for customer identification and authorization across financing companies, money changers, crowdfunding platform operators, and payment service providers under Volume 5 of its Rulebook. These standards strengthen the regulatory framework by mandating robust verification processes for specialized licensees operating within the Kingdom. Addressed entities must submit electronic feedback, including nil responses, to consultation@cbb.gov.bh by 2 May 2023.
Central Bank of Bahrain
مصرف البحرين المركزي
OG/149/2023
11<sup>th</sup> April 2023
Chief Executive Officer
Financing companies
Money Changers
Crowdfunding Platform Operators
Payment Service Providers
Manama
Kingdom of Bahrain
Dear Sir/ Madam,
**Consultation: Proposed Two-Factor Authentication Requirements for Volume 5 - Specialised Licensees**
As part of the CBB’s objective to further enhance its regulatory framework, the CBB is hereby proposing two-factor authentication requirements on identifying and authorising customers of financing companies, money changers, crowdfunding platform operators and payment service providers under CBB Rulebook Volume 5 (Specialised Licensees).
The proposed new requirements shall be available on the CBB website (www.cbb.gov.bh) under the “Open Consultations” Section.
The CBB requests all licensees to whom this circular is addressed to provide their comments, including “nil comments’ on the proposed requirements.
Responses must be sent electronically, in an editable format, to consultation@cbb.gov.bh, by 2<sup>nd</sup> May 2023.
Yours faithfully,
Rasheed M. Al-Maraj
Governor
هاتف · +٩٧٣ ١٧٥٤ ٧٥٠٠ ، فاكس · +٩٧٣ ١٧٥٤ ٧٥٥٥ ، ص.ب · ٢٧، المنامة، مملكة البحرين
T +973 1754 7500, +973 1754 7555, F +973 1753 7799, P.O. Box 27, Manama, Kingdom of Bahrain, www.cbb.gov.bh
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