Tuesday 7 April 2020

CBB warns against dealing with unlicensed financial institutions

MANAMA, February 10, 2020

The Central Bank of Bahrain (CBB) has warned consumers against dealing with unlicensed financial institutions that market and offer online financial services.

This warning comes as a result of recent online marketing for an unlicensed institution by CBB under the name of “MessengerBank”, which claims to provide asset management, brokerage and investment banking services through an online platform that allows exchanging and managing digital assets, said the Central Bank in its statement.

It also pointed out that the activity of promoting financial services to residents in the Bahrain came within the scope of regulated financial services in accordance with the Central Bank of Bahrain and Financial Institutions Law of 2006.

The CBB also called upon consumers to ensure utmost care and caution, and take into consideration the risks, when investing, dealing or trading any amounts in securities or foreign exchange with any person, persons, institutions, companies or websites, including social media.

They must ensure that these organisations or persons hold the necessary licenses from the CBB to engage in such activities, it added.-TradeArabia News Service


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