FC-4.1.7
Past version: Effective from 01 Oct 2007 to 30 Sep 2011
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So that he can carry out his functions effectively,
(a) Is a Director or a member of senior management of the licensee ;
(b) Has a sufficient level of seniority within the Islamic bank licensee , has the authority to act without interference from business line management and has direct access to the Board and senior management (where necessary);
(c) Has sufficient resources, including sufficient time and (if necessary) support staff, and has designated a replacement to carry out the function should the MLRO be unable to perform his duties;
(d) Has unrestricted access to all transactional information relating to any financial services provided by the Islamic bank licensee to that customer, or any transactions conducted by the Islamic bank licensee on behalf of a customer;
(e) Is provided with timely information needed to identify, analyse and effectively monitor customer accounts;
(f) Has access to all customer due diligence information obtained by the Islamic bank licensee ; and
(g) Is resident in Bahrain.
October 07