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  • LR-2.8 LR-2.8 Condition 8: Other Requirements

    • Books and Records

      • LR-2.8.1

        Conventional bank licensees must maintain comprehensive books of accounts and other records, and satisfy the minimum record keeping requirements contained in Module GR. Books of accounts must comply with IAS. Audited accounts must be submitted to the BMA within 3 months of the licensee's financial year-end.

    • Provision of Information

      • LR-2.8.2

        Conventional bank licensees must act in an open and cooperative manner with the BMA. Conventional bank licensees must meet the regulatory reporting and public disclosure requirements contained in Modules BR and PD respectively.

    • General Conduct

      • LR-2.8.3

        Conventional bank licensees must conduct their activities in a professional and orderly manner, in keeping with good market practice. Conventional bank licensees must comply with the general standards of business conduct contained in Module PB, as well as the standards relating to treatment of customers contained in Modules BC and CM.

    • License fees

      • LR-2.8.4

        Conventional bank licensees must comply with any license fee requirements applied by the BMA.

      • LR-2.8.5

        The BMA's license fees are set out in Chapter GR-8.

    • Additional conditions

      • LR-2.8.6

        Conventional bank licensees must comply with any other specific requirements or restrictions imposed by the BMA on the scope of their license.

      • LR-2.8.7

        Bank licensees are subject to the provisions of the BMA Law 1973. These include the right of the BMA to impose such terms and conditions, as it may deem necessary when issuing a license. Thus, when granting a license, the BMA specifies the regulated banking services that the licensee may undertake. Licensees must respect the scope of their license. LR-3.2 sets out the process for varying the scope of an authorisation, should a licensee wish to undertake new activities.

      • LR-2.8.8

        In addition, the BMA may impose additional restrictions or requirements, beyond those already specified in Volume 1, to address specific risks. For instance, a license may be granted subject to strict limitations on intra-group transactions.

      • LR-2.8.9

        Conventional retail bank licensees are subject to the deposit protection scheme of eligible deposits held with the Bahrain offices of the licensee (see Chapter CP-2).