AU-4.1.16

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Past version: Effective from 01 Apr 2016 to 31 Mar 2017
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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) In the case of PSPs, a bank guarantee of BD50,000 in the format approved by the CBB;

(m) Proof that the PSP has set up the escrow 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.

April 2016