GR-1.1 GR-1.1 General Requirements
GR-1.1.1
In accordance with Articles 59 and 60 of the CBB Law, all
licensees must maintain books and records (whether in electronic or hard copy form) sufficient to produce financial statements and show a complete record of the business undertaken by alicensee . These records must be maintained for at least 10 years according to Article 60 of the CBB Law.Amended: October 2018
October 2010GR-1.1.2
GR-1.1.1 includes accounts, books, files and other records (e.g. trial balance, general ledger, nostro/vostro statements, reconciliations, list of counterparties). It also includes records that substantiate the value of the assets and liabilities activities of the
licensee .October 2010GR-1.1.3
Bahrain Law currently requires other transaction records to be retained for at least 5 years (see Ministerial Order No. 23 of 2002, made pursuant to Amiri Decree Law No. 4 of 2001).
Amended: April 2013
October 2010GR-1.1.4
Unless otherwise agreed to by the CBB in writing, records must be kept in either English or Arabic. Any records kept in languages other than English or Arabic must be accompanied by a certified English or Arabic translation. Records must be kept current. The records must be sufficient to allow an audit of the
licensee's business or an on-site examination of thelicensee by the CBB.October 2010GR-1.1.5
Translations produced in compliance with Rule GR-1.1.4 may be undertaken inhouse, by an employee or contractor of the
licensee , provided they are certified by an appropriate officer of thelicensee .October 2010GR-1.1.6
Records must be accessible at any time from within the Kingdom of Bahrain, or as otherwise agreed with the CBB in writing.
October 2010GR-1.1.7
Where older records have been archived, the CBB may accept that records be accessible within a reasonably short time frame (e.g. within 5 business days), instead of immediately.
October 2010
