CBB says it stays firm on rule violations
MANAMA, 5 days ago
The Central Bank of Bahrain (CBB) has reaffirmed its commitment to ensuring the compliance of licensed financial institutions with regulatory requirements and taking necessary measures in response to any violations, in line with its supervisory mandate.
In a statement, CBB said: With reference to what has been circulating regarding Safaghat WLL, licensed by the CBB to provide crowdfunding platform operator services, and following a thorough evaluation using the CBB’s regulatory instruments, the CBB had previously conducted an investigation and taken the following actions based on its findings:
• Instructing the company to immediately cease providing services to existing clients and to refrain from onboarding new ones.
• Initiating the necessary regulatory measures with respect to the company.
• Directing the company to uphold the highest standards of transparency by clearly communicating with customers regarding the status of their current investments.
The CBB remains committed to working in coordination with the relevant authorities to safeguard the soundness and stability of the financial system, it said. -TradeArabia News Service
