• Licensing Process and Timelines

    • AU-4.1.11

      As part of the application process, the CBB will provide a formal decision on a license application within 60 calendar days of all required documentation having been submitted in a form acceptable to the CBB, as specified in Article 44 (e) of the CBB Law. The applicant must submit within 6 months of the application date, all remaining requirements or otherwise has to submit a new application to the CBB. Applicants are encouraged to approach the CBB to discuss their application at an early stage, so that any specific questions can be dealt with prior to the finalisation of the application.

      April 2016

    • AU-4.1.12

      Before the final approval is granted to a licensee, confirmation from a retail bank addressed to the CBB that the licensee's capital (injected funds) — as specified in the business plan submitted under Rule AU-4.1.4 — has been paid in must be provided to the CBB. In addition, for payment services providers and card processing companies, a bank guarantee of BD50,000 must be provided.

      Amended: October 2017
      Amended: April 2017
      April 2016