CBB warns consumers against dealing with unlicensed financial institutions

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The Central Bank of Bahrain (CBB) would like to warn consumers against dealing with unlicensed financial institutions that claim to offer investment in securities.

This warning comes as a result of a reported investment fraud committed in the Kingdom by two entities, “Bridge Capital Advisors” which claims to be based in Malaysia and “Green Knight Financial Services” which claims to be based in the United States of America, both of which are not licensed by the Central Bank of Bahrain. It is worth noting that in the past few years, similar warnings have been published by the Australian Securities and Investments Commission and New Zealand’s Financial Market Authority. As it pertains to “Bridge Capital Advisors” specifically, in 2018, Malaysia’s Securities Commission had also included this company, by name, in its “List of Unauthorized Websites/Investment Products/Companies/Individuals” for engaging in unlicensed capital market activity.

The CBB wishes to emphasize 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 relevant regulators, both within the Kingdom of Bahrain and beyond,  to engage in such activities.

Consumers are encouraged to visit the register of licensed financial institutions on CBB’s website (www.cbb.gov.bh) in order to ensure the above.

SOURCE: BIZBAHRAIN

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