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CRA-4.5.4

A licensee must properly handle and safeguard client money. The arrangement to handle and safeguard client money, must include, but not be limited to the following:

(a) Establishing one or more client bank accounts with a retail bank licensed in the Kingdom of Bahrain for safekeeping of client money;
(b) Client money must not be paid out of a client bank account other than for:
(i) Paying the client on whose behalf it is being held;
(ii) Meeting the client’s settlement obligations in respect of dealings in crypto-assets carried out by the licensee for the client, being the client on whose behalf it is being held;
(iii) Paying money that the client owes to the licensee in respect of the conduct of regulated crypto-asset services; or
(iv) Paying in accordance with the client’s written instructions, including standing authorities or one-off directions; and
(c) Not used for licensee’s own use or given as collateral for any purpose to a third party or be subject to any restrictions.
Amended: April 2023
Added: April 2019