AU-1.1.8B
In assessing a request from a
(a) A satisfactory track record of not less than 5 years operating as a licensed regulated entity in the financial sector;
(b) The licensee's financial soundness, an acceptable level of capitalisation and financial resources and its ability to meet its obligations in a timely and satisfactory manner;
(c) The legal status and regulatory track record of the licensee including previous disciplinary measures taken against the licensee by the CBB or any other jurisdiction in which its group operates;
(d) The maintenance of an adequate insurance coverage to cater for any risk that may arise while importing/exporting the consignment;
(e) The application of prudent security measures when transporting the banknotes within the Kingdom of Bahrain, as required by Paragraphs GR-7.1.1 and GR-9.1.5A;
(f) The existence of prudent documented and approved internal procedures and controls within the licensee to govern the entire import/export activity starting from the origination of the consignment to its final destination. Such procedures must observe the requirements of any other Law or relevant competent authority in this regard, whether in the Kingdom of Bahrain or the jurisdiction to/from which the banknotes are being exported/imported;
(g) The existence of the necessary AML/CFT systems and controls in place as required by Module FC;
(h) The quality of management and corporate governance framework and oversight over the activities of the licensee ; and
(i) The maintenance of proper books and records as required by Chapter GR-1.
Added: October 2012