Definitions
AU-1.2.5
Director is any person who occupies the position of aDirector , as defined in Article 173 of the Commercial Companies Law (Legislative Decree No. 21 of 2001).May 2011AU-1.2.6
The fact that a person may have '
Director' in their job title does not of itself make them aDirector within the meaning of the definition noted in Paragraph AU-1.2.5. For example, a 'Director of Marketing', is not necessarily a member of the Board ofDirectors and therefore may not fall under the definition of Paragraph AU-1.2.5.May 2011AU-1.2.7
The
Chief Executive orGeneral Manager means a person who is responsible for the conduct of the licensee (regardless of actual title). TheChief Executive orGeneral Manager must be resident in Bahrain.May 2011AU-1.2.8
Head of function means a person who exercises major managerial responsibilities, is responsible for a significant business or operating unit, or has senior managerial responsibility for maintaining accounts or other records of the licensee.May 2011AU-1.2.9
Whether a person is a
head of function will depend on the facts in each case and is not determined by the presence or absence of the word in their job title. Examples ofhead of function might include, depending on the scale, nature and complexity of the business, a deputyChief Executive ; heads of departments such as Compliance or Internal Audit; or the Chief Financial Officer.May 2011AU-1.2.10
Where a firm is in doubt as to whether a function should be considered a
controlled function it must discuss the case with the CBB.May 2011AU-1.2.11
The
controlled functions of Money Laundering Reporting Officer/Deputy Money Laundering Reporting Officer are defined under Chapter FC-4.May 2011
