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  • General Requirement

    • LR-1A.1.1

      Conventional bank licensees must obtain the CBB's prior written approval for any person wishing to undertake a controlled function in a conventional bank licensee. The approval from the CBB must be obtained by the CBB prior to their appointment (subject to the variations contained in Rule LR-1A.1.3).

      Amended: January 2016
      Added: October 2010

    • LR-1A.1.2

      Controlled functions are those functions occupied by board members and persons in executive positions and include:

      (a) Board Member;
      (b) Chief Executive or General Manager and their Deputies;
      (c) Chief Financial Officer and/or Financial Controller;
      (d) Head of Risk Management;
      (e) Head of Internal Audit;
      (f) Head of Shari'a Review;
      (g) Compliance Officer;
      (h) Money Laundering Reporting Officer;
      (i) Deputy Money Laundering Reporting Officer; and
      (j) Heads of other Functions.
      Amended: January 2016
      Amended: October 2013
      Added: October 2010

    • LR-1A.1.3

      Prior approval is required for all controlled functions in relation to Bahrain operations. Controlled functions (g) and (h) may be combined, however (see also FC-4.1, regarding the MLRO function).

      Amended: January 2014
      Amended: October 2013
      Amended: January 2013
      Added: October 2010