Regulatory Alerts2016-09-04
Proposed Changes to Section CM-7.1 and CM-6.1 Concerning CBB Prior Approval Requirements for Writing Off Exposures
The Central Bank of Bahrain proposes amendments to Sections CM-7.1 and CM-6.1 to clarify prior approval and notification requirements for writing off exposures across conventional bank licensees. The revisions explicitly distinguish between locally incorporated Bahraini banks and foreign bank branches, narrowing certain notification thresholds to local entities while extending prior written approval scopes to all foreign branches operating in Bahrain. These adjustments streamline compliance by aligning write-off procedures with existing due diligence practices, utilizing the CBB register for approved persons and controllers without mandating rigid reporting frequencies or additional data fields.
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