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  • BR-1.1 BR-1.1 Annual Requirements

    • BR-1.1.1

      All licensees are required to submit to the CBB their annual audited financial statements within 3 months of their financial year end.

      April 2016

    • BR-1.1.1A

      In accordance with Paragraphs EN-B.4.5 and EN-5.2.2, licensees must disclose in their annual audited financial statements the amount of any financial penalties paid to the CBB, together with a factual description of the reason(s) given by the CBB for the penalty. Licensees which fail to comply with this requirement will be required to make the disclosure in the annual audited financial statements of the subsequent year and will be subject to an enforcement action for non-disclosure.

      Added: October 2019

    • TPAs and PSPs

      • BR-1.1.2

        The notes to the financial statements must:

        (a) For TPAs, contain complete names and addresses of all insurance companies or self-funded schemes outside Bahrain with which the TPA had a contract in effect during the preceding calendar year; and
        (b) For PSPs, refer to the breakdown of clients' money and own funds.
        April 2016

      • BR-1.1.3

        In addition to the statements required in Paragraph BR-1.1.1, licensees are required to submit to the CBB the following information within 3 months of their financial year end:

        (a) The external auditor's management letter;
        (b) A report on the licensee's close links as required under Paragraph GR-8.1.3;
        (c) The licensee's group structure and the internal organisation chart;
        (d) The report on controllers as required under Paragraph GR-7.1.10; and
        (e) Any supplementary information as required by the CBB.
        April 2016

      • BR-1.1.4

        TPAs must also submit to the CBB a breakdown of their sources of revenue within 3 months following the year end in accordance with Appendix BR-10, included under Part B Volume 5 of the CBB Rulebook.

        April 2016

      • BR-1.1.5

        In accordance with the provisions of Section AA-4.1, the audited financial statements of the licensees must comply with the International Financial Reporting Standards (IFRS), and where applicable with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

        April 2016

      • BR-1.1.6

        Payment Service Providers holding client money in the course of carrying out payment services must appoint independent auditors to perform an audit of client money every 6 months and submit the report to the CBB by 30th September for the 30th June report and 31st March for the 31st December report. The audit must be performed by the licensee’s external auditor or an independent third-party audit firm acceptable to the CBB. Such audit must be conducted to ensure full compliance with the requirements of Chapter GR-15, Client Money Requirements. Any non-compliance matters will be subject to an enforcement action, and in the case of recurring violations, revocation of license may be pursued.

        Amended: April 2023
        Amended: January 2021
        Added: July 2020

      • BR-1.1.7

        [This Paragraph has been moved to Paragraph GR-15.1.5].

        Amended: April 2023
        Added: January 2021