Bahrain banks fined for customer accounting errors

Twenty lenders made to pay fines in May for failing to keep records up to date - paper.
Bahrain banks fined for customer accounting errors
CENTRAL BANK: Bahrains central bank is clamping down on errors in accounting.
By Elsa Baxter
Sun 29 Aug 2010 10:16 AM

Twenty retail banks in Bahrain were fined in May for failing to keep customer records up to date with the Benefit Company, Gulf Daily News reports on Sunday.

The Central Bank of Bahrain (CBB) fined the lenders BD50 for each customer account that had errors, the report said. The report did not name the lenders.

"We are doing this in order to protect the consumer and it is essential that the Benefit Company has this information so that it can pass it on to other banks who have been approached by customers looking for a loan or consumers wanting to open an account,” CBB retail banking supervision director Yousif Hassan told the paper.

He said that errors in returns to the Benefit Company, which are passed on to the CBB, were “substantial”.

"About 99 percent of the data we receive is up to date and accurate," Benefit Company national credit reference bureau supervisor Hessa Hussain told the paper.

For all the latest Bahrain news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.