CBB warns against dealing with unlicensed financial institution

Manama, The Central Bank of Bahrain (CBB) would like to warn consumers against dealing with unlicensed financial institutions that market and offer online financial services.

This warning comes because 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.

The CBB also would like to emphasize that the activity of promoting financial services to residents in Bahrain falls within the scope of regulated financial services in accordance with the CBB and Financial Institutions Law of 2006.

The CBB also stresses the need for consumers to ensure the 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, and ensuring that they hold the necessary licenses from the CBB to engage in such activities.

Consumers are encouraged to visit the register of licensed financial institutions on CBB's website in order to ensure the above.

Source: Bahrain News Agency