• GR-2.1 GR-2.1 General Requirements

    • GR-2.1.1

      In accordance with Article 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.

      April 2016

    • GR-2.1.2

      Paragraph GR-2.1.1 includes accounts, books, files and other records related to client information (e.g. trial balance, general ledger, reconciliations, list of counterparties, etc.). It also includes records that substantiate the value of the assets and liabilities.

      April 2016

    • GR-2.1.3

      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).

      April 2016

    • GR-2.1.4

      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.

      April 2016

    • GR-2.1.5

      Translations produced in compliance with Rule GR-2.1.4 may be undertaken in-house, by an employee or contractor of the licensee, provided they are certified by an appropriate officer of the licensee.

      April 2016

    • GR-2.1.6

      Records must be accessible at any time from within the Kingdom of Bahrain, or as otherwise agreed with the CBB in writing.

      April 2016

    • GR-2.1.7

      Where older records have been archived, the CBB may accept that records be accessible within a reasonably short time frame (e.g. within 5 business days), instead of immediately.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.

      April 2016

    • GR-2.1.8

      Paragraphs GR-2.1.1 to GR-2.1.7 apply to licensees, with respect to all business activities.

      April 2016