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  • EN-9.3 EN-9.3 Articles of CBB Law

    • Article 161

      • EN-9.3.1A

        Article 161 of the CBB Law provides for a penalty of up to BD 1 million, without prejudice to any other penalty prescribed in any other law, in case of any person who breaches the provisions of Resolution No.(16) for the year 2012 issued pursuant to Article 42 of the CBB Law. The Court may also confiscate the proceeds resulting from breaching the Resolution.

        Added: January 2013

    • Article 163

      • EN-9.3.1

        Article 163 of the CBB Law provides for a term of imprisonment and/or a fine of up to BD 20,000, without prejudice to any other penalty prescribed in any other law, in case of conviction of a Director, manager, official, agent or representative of any licensee who:

        (a) Conceals any records, information or documents requested by the CBB (or any person appointed by the CBB to conduct an investigation or inspection);
        (b) Provides statements or information in bad faith which do not reflect the actual financial position of the Licensee;
        (c) Conceals from an external auditor any records, information or documents necessary for auditing the accounts of the Licensee; or
        (d) Provides in bad faith any misleading or inaccurate statements to an external auditor which do not reflect the actual financial position of the Licensee.
        October 2010

    • Article 169

      • EN-9.3.2

        Article 169 provides for a term of imprisonment, and/or a fine of up to BD 20,000 for any Director, manager, official or employee, who acts or permits an act in violation of Article 134 of the CBB Law where he knows (or should have known) that the Licensee is insolvent.

        October 2010

    • Article 170

      • EN-9.3.3

        Part 2 of Article 170 of the CBB Law provides for term of imprisonment and/or a fine not exceeding BD3,000 if any Director, manager, official or employee intentionally obstructs an investigation by the CBB or an Appointed Expert.

        October 2010

    • Article 171

      • EN-9.3.4

        Article 171 of the CBB Law provides for a term of imprisonment and/or a fine not exceeding BD10, 000, if any Director, manager, official or employee discloses in bad faith any confidential information relating to a customer of the concerned of a licensee.

        October 2010