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  • Starting Operations

    • AU-4.1.16

      Within 6 months of the license being issued, the new licensee must provide to the CBB:

      (a) A detailed action plan for establishing the operations and supporting infrastructure of the licensee, such as the completion of written policies and procedures, and recruitment of remaining employees (having regard to the time limit set by Article 48 (c) of the CBB Law);
      (b) The registered office address and details of premises to be used to carry out the business of the proposed licensee;
      (c) The address in the Kingdom of Bahrain where full business records will be kept;
      (d) The licensee's contact details including telephone and fax number, e-mail address and website;
      (e) A description of the business continuity plan;
      (f) A description of the IT system that will be used, including details of how IT systems and other records will be backed up;
      (g) A copy of the external auditor's acceptance to act as an external auditor for the applicant;
      (h) A copy of the Ministry of Industry & Commerce commercial registration certificate in Arabic and English languages;
      (i) A copy of the licensee's business card and any written communication (including stationery, website, e-mail, business documentation, etc.) including a statement that the ancillary service provider is licensed by the CBB;
      (j) An updated organisation chart showing the reporting lines, committees (if any) and including the names of the persons undertaking the controlled functions;
      (k) A copy of the licensee's professional indemnity insurance policy or confirmation that a deposit to an amount specified by the CBB has been placed in an escrow account with a retail bank licensed in the Kingdom of Bahrain;
      (l) A bank guarantee of BD100,000 for payment service providers issuing any multi-purpose, electronic or otherwise, pre-paid cards, instead of the bank guarantee amount required under Paragraph AU-4.1.12. Such bank guarantee must be in the format approved by the CBB;
      (m) Proof that the PSP has set up the clients' money account as required under Paragraph AU-1.2.8;
      (n) A copy of the applicant's notarised memorandum and articles of association, addressing the matters described in Paragraph AU-4.1.6; and
      o) Other information as may be specified by the CBB.
      Amended: January 2019
      Amended: October 2017
      Amended: April 2017
      April 2016

    • AU-4.1.17

      Applicants issued new licenses by the CBB must start operations within 6 months of the license being issued, as per Article 48 (c) of the CBB Law. Failure to comply with this rule may lead to enforcement action being taken against the licensee concerned, as specified in Article 128 of the CBB Law. A licensee must at all times keep an approved copy of the license displayed in a visible place on the licensee's premises in the Kingdom, as per Article 47 (b) of the CBB Law.

      April 2016

    • AU-4.1.18

      Applicants may not publicise in any way the application for a licence for, or formation of, an ancillary service provider before the formal decision referred to in Paragraph AU-4.1.11 is provided to the applicant or the concerned agent.

      April 2016