The overarching objectives of the audit, required under Paragraph BR-1.1.6, must be:

(a) Ensuring that client money is properly segregated and not comingled with the licensee’s own funds;
(b) The licensee has established and implemented adequate internal control procedures and systems to ensure client money is always segregated;
(c) Client money is not used for purposes other than for client transactions as stipulated in the terms of products/services with its customers;
(d) The balances are maintained with a retail bank licensee in Bahrain and such balances are not subject to any lien or other restrictions; and
(e) Fraud risks are adequately controlled and mitigated.
Added: January 2021