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C4-3.3.10

If the bank holding client money is located outside the Kingdom of Bahrain, category 4 investment firms should take reasonable steps to establish that the bank is appropriate considering, among other factors, the following:

(a) Whether it is a duly licensed bank in good regulatory standing in the jurisdiction it operates;
(b) The capital adequacy of the bank is reasonable;
(c) The amount of client money to be placed, as a proportion of the bank’s capital and deposits is not disproportionate; and
(d) The credit rating of the bank, if available is good.
Added: January 2022