FC-9.1 FC-9.1 Regulatory Penalties
FC-9.1.1
Without prejudice to any other penalty imposed by the BMA Law, the Decree Law No. 4 or the Penal Code of the Kingdom of Bahrain, failure by a licensee to comply with this Module or any direction given hereunder shall result in the levying by the BMA, without need of a court order and at the BMA's discretion, of a fine of up to BD 20,000.
FC-9.1.2
Module EN provides further information on the assessment of financial penalties and the criteria taken into account prior to imposing such fines (reference to Paragraph EN-5.1.4). Other enforcement measures may also be applied by the BMA in response to a failure by a licensee to comply with this Module; these other measures are also set out in Module EN.
FC-9.1.3
The BMA will endeavour to assist
conventional bank licensees to interpret and apply the rules and guidance in this Module.Conventional bank licensees may seek clarification on any issue by contacting the Compliance Unit (see Section FC-5.3 for contact details).FC-9.1.4
Without prejudice to the BMA's general powers under the law, the BMA may amend, clarify or issue further directions on any provision of this Module from time to time, by notice to its licensees.
