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MANAMA: Bahrain’s financial regulator has warned the public against dealing with a fraudulent institution named National Investment Bank.
The warning comes as a result of the fraudulent entity claiming to be licensed by the Central Bank of Bahrain (CBB) to undertake trading services, post trade services, depositing certificate of shares and market information services.
In a statement yesterday, the watchdog emphasised that the activity of promoting financial services to residents in Bahrain falls within the scope of regulated financial services in accordance with the Central Bank of Bahrain and Financial Institutions Law of 2006.
The regulator has also warned consumers against dealing with unlicensed market intermediaries that market investment in securities in Bahrain through short messaging services (SMS), telephone calls and websites.
Calling on consumers to ensure the utmost care and caution, the CBB said they must 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 licences from the Central Bank of Bahrain to engage in such activities”.
The regulator also urged consumers to verify the authenticity of market intermediaries through the register of licensed financial institutions on the CBB website (www.cbb.gov.bh).
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