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So that he can carry out his controlled functionG effectively, insurance licenseesG must ensure that their MLRO:

(a) Is a member of senior management of the licensee;
(b) Has a sufficient level of seniority within the insurance 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 insurance licenseeG to a customerG , or any transactions conducted by the insurance licenseeG on behalf of that customerG ;
(e) Is provided with timely information needed to identify, analyse and effectively monitor customerG accounts;
(f) Has access to all customerG due diligence information obtained by the insurance licenseeG ; and
(g) Is resident in Bahrain.
Amended: October 2011
Amended: January 2007
Amended: October 2007
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