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    CBB Amends Rulebook Modules to Align Rules with Open Banking Framework

    July 07, 2021

    The Central Bank of Bahrain (CBB) amended certain Rulebook modules to align its regulations with the open banking framework, which was launched in October 2020. The amended modules include Licensing Requirements Module, General Requirements Module, and Reporting Requirements Module for conventional banks and Islamic banks (Volume 1 and Volume 2 of the CBB Rulebook, respectively). CBB also amended the Authorization Module, Open Banking Module, General Requirements Module, and Glossary of defined terms for specialized licensees for ancillary service providers (Volume 5, Type 7 of CBB Rulebook).

    Retail bank licensees offering Account Information Service Provider (AISP)/Payment Initiation Service Provider (PISP) services are required to submit a gap analysis by August 07, 2021 along with an action plan to fully implement the amended requirements by September 30, 2021. Retail bank licensees are also required to publish and share Application Programming Interfaces (APIs). CBB also specifies that the ancillary service providers offering AISP/PISP services must implement the requirements with immediate effect and confirm their full compliance to their supervisory point of contact at CBB within two weeks from the date of this notification.

     

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    Keywords: Middle East and Africa, Bahrain, Banking, Islamic Banking, Open Banking, API, CBB Rulebook, Regtech, CBB

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