Regulatory Alerts2010-10-01
Volume 5 Draft Common Modules and Specific Modules for Money Changers Licensees
The Central Bank of Bahrain issued this consultation paper to finalize draft regulatory modules for Money Changers by systematically addressing industry feedback on compliance obligations. The regulator maintains core requirements regarding internal audit functions, Money Laundering Reporting Officer seniority, and five-year record retention for financial crime transactions, while amending rules to accept certified copies and waive mandatory auditor reviews for quarterly prudential returns. Targeted adjustments clarify capital adequacy norms, branch authorization timelines, and operational standards, ensuring Money Changers remain compliant without incurring disproportionate costs.
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