GR-1 GR-1 Books and Records
GR-1.1 GR-1.1 General Requirements
GR-1.1.1
In accordance with Articles 59 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 retained for at least ten years according to Article 60 of the CBB Law.May 2011GR-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, liabilities and off-balance sheet activities of the
licensee (e.g. client activity files and valuation documentation).May 2011Corporate Records
GR-1.1.3
Licensees must maintain at all times the following records in original form or in hard copy at their premises in Bahrain:(a) Internal policies, procedures and operating manuals;(b) Corporate records, including minutes ofshareholders' ,Directors' and management meetings;(c) Correspondence with the CBB and records relevant to monitoring compliance with CBB requirements;(d) Reports prepared by thelicensee's internal and external auditors; and(e) Employee training manuals and records.May 2011GR-1.1.4
Separately, Bahrain Law currently requires other transaction records to be retained for at least five years (see Ministerial Order No. 23 of 2002, Article 5(2), made pursuant to the Amiri Decree Law No. 4 of 2001).
Amended: April 2013
May 2011Language of Records
GR-1.1.5
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.May 2011GR-1.1.6
Translations produced in compliance with Rule GR-1.1.4 may be undertaken in-house, by an employee or contractor of the
licensee , providing they are certified by an appropriate officer of thelicensee .May 2011Location of Records
GR-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.
May 2011GR-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Where older records have been archived, the CBB may accept that records be accessible within a reasonably short time frame (e.g. within 5 business days), instead of immediately. The CBB may also agree similar arrangements where elements of record retention and management have been centralised in another group company, whether inside or outside of Bahrain.
May 2011GR-1.2 GR-1.2 Transaction and Customer Records
Transaction Records
GR-1.2.1
Licensees must keep completed transaction records for as long as they are relevant for the purposes for which they were made (with a minimum period in all cases of five years from the date when the transaction was terminated). Records of terminated transactions must be kept whether in hard copy or electronic format as per the Legislative Decree No. (54) of 2018 with respect to Electronic Transactions “The Electronic Communications and Transactions Law” and its amendments.Amended: January 2020
Amended: July 2017
May 2011GR-1.2.2
[This Paragraph has been deleted in July 2017].
Deleted: July 2017
May 2011Customer Records
GR-1.2.3
Record-keeping requirements with respect to customer records, including customer identification and due diligence records, are contained in Module FC (Financial Crime).
May 2011
