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

(a) Is a member of senior management of the licenseeG ;
(b) Has a sufficient level of seniority within the conventional bank licenseeG , 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 licenseeG to a customer, or any transactions conducted by the conventional bank licenseeG on behalf of that 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 licenseeG ; and
(g) Is resident in Bahrain.
Amended: October 2011
October 2007
(2 Versions)
Oct 1 2007 - Sep 30 2011Oct 1 2011 onwards
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