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  • 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 a licensee. These records must be retained for at least ten years according to Article 60 of the CBB Law.

      May 2011

    • GR-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 2011

    • Corporate 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 of shareholders', Directors' and management meetings;
        (c) Correspondence with the CBB and records relevant to monitoring compliance with CBB requirements;
        (d) Reports prepared by the licensee's internal and external auditors; and
        (e) Employee training manuals and records.
        May 2011

      • GR-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 2011

    • Language 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 the licensee by the CBB.

        May 2011

      • GR-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 the licensee.

        May 2011

    • Location 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 2011

      • GR-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 2011