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FC-4.1.6

So that he can carry out his functions effectively, conventional bank licensees must ensure that their MLRO:

(a) is a Director or a member of senior management of the licensee;
(b) has a sufficient level of seniority within the conventional bank licensee, has the authority to act without interference from business line management and has direct access to the Board and senior management (where necessary);
(c) has sufficient resources, including sufficient time and (if necessary) support staff, and has designated a replacement to carry out the function should the MLRO be unable to perform his duties;
(d) has unrestricted access to all transactional information relating to any financial services provided by the conventional bank licensee to that customer, or any transactions conducted by the conventional bank licensee on behalf of a customer;
(e) is provided with timely information needed to identify, analyse and effectively monitor customer accounts;
(f) has access to all customer due diligence information obtained by the conventional bank licensee; and
(g) is resident in Bahrain.