The Central Bank of Bahrain (CBB) has reaffirmed its unwavering commitment to enforcing compliance among licensed financial institutions, underscoring its vigilance in addressing regulatory breaches. This stance follows recent developments regarding Safaghat WLL, a company authorized by the CBB to operate a crowdfunding platform.
After a detailed review using its regulatory tools, the CBB initiated a series of actions based on its findings. The bank instructed Safaghat WLL to immediately halt services to its current clients and suspend the onboarding of new users. Further regulatory steps were also taken against the company to ensure compliance with financial regulations.
Additionally, the CBB mandated that Safaghat WLL maintain full transparency by providing clear communication to customers about the status of their existing investments.
The Central Bank reiterated its ongoing collaboration with relevant authorities to protect the integrity and stability of Bahrain’s financial ecosystem.
