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  • Other Notifications

    • BR-5.1.17

      Banks must inform the CBB, in writing, of the following:

      (a) Any material problems or changes encountered with an outsourcing provider;
      (b) Any proposed ownership changes (whether in terms of structure or identity of controllers) prior to the change taking place and any change in controllers as a result of circumstances outside the bank's knowledge and/or control (ref GR-5.1.7); and
      (c) Any dismissal or suspension of any staff in internal audit, risk management, AML, compliance function or internal Shari'a review of the bank. The notification must include the reason for the dismissal or suspension of such individual.
      Amended: January 2023
      Amended: April 2014
      Added: July 2011

    • BR-5.1.17A

      Should the CBB have a cause for concern following its review of the notification referred to under Subparagraph BR-5.1.17(c), it may investigate the matter and should it establish the existence of any irregularity, misconduct or unfair decisions, it may take enforcement action on the bank, including an adverse action on the fit and proper status of the person(s) responsible.

      Added: April 2014