Chapter Thirteen Chapter Thirteen Investigation of Banking Firms
Article 82
The Agency may from time to time order an investigation of any banking firm, if the Agency decides that such an investigation is required or necessary to determine whether the banking firm involved is in a sound financial position and has observed in the conduct of its business the provisions laid down in this law. This investigation shall be conducted by inspectors to be appointed by the Agency either from among its own officials or from among technically qualified auditors who shall in the performance of their duties be bound by the provisions of Article (16) prohibiting the disclosure of information.
Article 83
Every banking firm shall submit for examination, at the time fixed by the inspector appointed by the Agency, all books, minutes of meetings, accounts, liquid funds, documents and vouchers pertaining to its operations in the State of Bahrain, and must also furnish all related information within such limits as the inspector deems reasonable and within the time limits he shall determine.
Article 84
If the Agency decides that the investigation indicates that a firm under investigation carries out its operations in contravention of the provisions of this law or of the regulations issued in implementation thereof, the Agency may in this case:-
A — Compel the banking firm to immediately take such action as the Agency deems necessary to correct the situation.B — Appoint a person deemed by the Agency to possess the expertise and qualifications to advise the banking firm on the steps it must adopt in order to correct the situation. The Agency shall fix the fees of this person who shall be paid by the banking firm.C — Suspend for a period not exceeding six months the license granted or issued pursuant to this law.Taking the actions mentioned in paragraphs (B) and (C) require the approval of the Ministry of Finance.
