Central Bank: Taking control measures against a deals company and stopping them from providing services

The Central Bank of Bahrain affirmed its firm commitment to ensuring that financial institutions are restricted to the imposed regulatory requirements, and not to violate it in taking the necessary measures and implementing the measures followed in the event that any violations are proven, in terms of its endeavors to enhance the financial sector in the Kingdom of Bahrain.

Referring to what is being circulated regarding the LLC (company) deals licensed by the Central Bank of Bahrain to provide the services of the collective financing platform, and in the wake of the bank’s use of its control tools for evaluation, the bank has already taken the following measures based on the investigation results:

• Issuing directives to the company to immediately stop providing any services to its current customers or accepting new others.

• Take the supervisory measures followed against the company.

• Directing the company to fully adhere to the highest standards of transparency, with the need to inform its customers about the status of their current investments.

The bank affirmed its keenness to cooperate with the relevant authorities to ensure the safety and stability of the financial sector in the Kingdom, in an effort to preserve the safety and stability of the local financial sector.