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Location: Central Bank of Bahrain Volume 5—Specialised Licensees > Specific Modules (By Type of Licensee) > Type 7: Ancillary Service Providers > Part A > Reporting Requirements > BR Ancillary Service Providers CBB Reporting Requirements Module > BR-2 Notifications and Approvals > BR-2.2 Notification Requirements > Fraud, Errors and other Irregularities > BR-2.2.6
  • Fraud, Errors and other Irregularities

    • BR-2.2.6

      A licenseeG must notify the CBB immediately if one of the following events arises:

      (a) It becomes aware that a person, whether or not employed by it may have committed, or is acting with intent to commit fraud against its customers or itself;
      (b) A major operational or security incident where the incident has or may have a major negative impact on the financial interests of its customers or other licensees, or itself;
      (c) It identifies irregularities in its accounting or other records, whether or not there is evidence of fraud;
      (d) It suspects that one of its employees may be guilty of serious misconduct concerning his honesty or integrity and which is connected with the licensee'sG regulated activities; or
      (e) Conflicts of interest that may affect the operation of the licenseeG .
      Amended: December 2018
      April 2016

    • BR-2.2.7

      If the licenseeG may have suffered material financial losses as a result of the incident, or may suffer reputational loss, the CBB will wish to consider this and whether the incident is indicative of weaknesses in the licensee'sG internal controls.

      April 2016

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