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.
- Notification on Amended Modules
- Notification Letter on Amended Modules (PDF)
- CBB Reporting Requirements Module for Conventional Banks (PDF)
- General Requirements Module for Conventional Banks (PDF)
- Licensing Requirements Module for Conventional Banks (PDF)
Keywords: Middle East and Africa, Bahrain, Banking, Islamic Banking, Open Banking, API, CBB Rulebook, Regtech, CBB
Previous ArticleHMT and MAS Forge Partnership for Financial Services Cooperation
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.