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  • AU-1.4 AU-1.4 Approved Persons

    • General Requirement

      • AU-1.4.1

        Licensees must obtain the CBB's prior written approval for any person wishing to undertake a controlled function at a licensee. The approval from the CBB must be obtained prior to their appointment.

        Amended: January 2016
        January 2014

      • AU-1.4.2

        Controlled functions are those functions occupied by board members and persons in executive positions and include:

        (a) Director;
        (b) Chief executive or general manager and their deputies;
        (c) Head of function; and
        (d) Compliance officer/Money Laundering Reporting Officer (MLRO).
        Amended: January 2016
        January 2014

      • AU-1.4.3

        Combination of the above controlled functions is subject to the requirements contained in Modules HC and RM.

        January 2014

    • Basis for Approval

      • AU-1.4.4

        Approval under Paragraph AU-1.4.1 is only granted by the CBB, if it is satisfied that the person is fit and proper to hold the particular position in the licensee concerned. 'Fit and proper' is determined by the CBB on a case-by-case basis. The definition of 'fit and proper' and associated guidance is provided in Sections AU-3.1 and AU-3.2 respectively.

        January 2014

      • AU-1.4.5

        The chief executive or general manager means a person who is responsible for the conduct of the licensee (regardless of actual title). The chief executive or general manager must be resident in Bahrain. This person is responsible for the conduct of the whole of the firm.

        January 2014

      • AU-1.4.6

        Head of function means a person who, under the immediate authority of a director or the chief executive or general manager 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.

        January 2014

      • AU-1.4.7

        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 of head of function might include, depending on the scale, nature and complexity of the business, a deputy chief executive; heads of departments such as Risk Management, Compliance or Internal Audit; or the Chief Financial Officer.

        January 2014

      • AU-1.4.8

        Where a licensee is in doubt as to whether a function should be considered a controlled function it must discuss the case with the CBB.

        January 2014