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  • Prior Approval Requirements and Process

    • LR-1A.1.17

      Conventional bank licensees must obtain CBB's prior written approval before a person is formally appointed to a controlled function; the request for CBB approval must be made by submitting to the CBB a duly completed Form 3 (Application for Approved Person status) and Curriculum Vitae after verifying that all the information contained in Form 3, including previous experience, is accurate. Conventional bank licensees must fill in the Application Form 3 (Application for Approved Person status) online, available on the CBB website under E-services/online Forms and must upload scanned copies of supporting documents listed in Paragraph LR-1A.1.18A, unless otherwise directed by the CBB.

      Amended: July 2020
      Amended: January 2016
      Amended: January 2014
      Added: October 2010

    • LR-1A.1.18

      When the request for approved person status forms part of a license application, the Form 3 must be marked for the attention of the Director, Licensing Directorate. When the submission to undertake a controlled function is in relation to an existing conventional bank licensee, the Form 3 must be marked for the attention of either the Director, Retail Banks Supervision or the Director, Wholesale Banks Supervision, as appropriate. In the case of the MLRO or DMLRO, Form 3 should be marked for the attention of the Director, Compliance Directorate.

      Amended: April 2018
      Amended: January 2016
      Added: October 2010

    • LR-1A.1.18A

      When submitting Form 3, conventional bank licensees must ensure that the Form 3 is:

      (a) Submitted to the CBB with a covering letter signed by an authorised representative of the conventional bank licensee, seeking approval for the proposed controlled function;
      (b) Submitted online on the CBB website under E-services/online Forms;
      (c) Submitted with a certified copy of the applicant's passport, certified copies of educational and professional qualification certificates (and translation if not in Arabic or English) and the Curriculum Vitae; and
      (d) Signed by an authorised representative of the conventional bank licensee and all pages stamped on with the conventional bank licensee's seal.
      Amended: July 2020
      Added: January 2016

    • LR-1A.1.18B

      Conventional bank licensees seeking to appoint Board Directors must seek CBB approval for all the candidates to be put forward for election/approval at a shareholders' meeting, in advance of the agenda being issued to shareholders. CBB approval of the candidates does not in any way limit shareholders' rights to refuse those put forward for election/approval.

      Added: January 2016

    • LR-1A-1.18C

      For existing conventional bank licensees applying for the appointment of a Board Director or the Chief Executive/General Manager, the authorised representative should be the Chairman of the Board or a Director signing on behalf of the Board. For all other controlled functions, the authorised representative should be the Chief Executive/General Manager, or a suitably senior representative of the bank.

      Amended: July 2016
      Added: January 2016

    • LR-1A.1.19

      [This Paragraph was deleted in January 2016.]

      Deleted: January 2016
      Added: October 2010

    • LR-1A.1.20

      [This Paragraph was moved to Paragraph LR-1A.1.18B in January 2016.]

      Amended: January 2016
      Amended: July 2012
      Added: October 2010