Financial-Consumer-Alert-and-Updates

 

Autoriti Monetari Brunei Darussalam (AMBD) would like to inform the members of the public a list of companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by AMBD or whose activities raise a suspicion of illegal activity. This list is without prejudice to any further assessment by AMBD regarding the activities of the companies concerned.

• ALERT LIST (English Version here) (Malay version here) [Updated 23 January 2019]
  

Who may provide financial services in Brunei?

Only financial institutions i.e. banks, insurance companies and takaful operators, capital market and securities institutions as well as money changers, remittance service providers and other entities licensed by AMBD under the relevant laws and regulations administered by AMBD are allowed to provide financial services in Brunei.

The list of the licensed financial service providers can be accessed via the following URL:

• FINANCIAL INSTITUTIONS DIRECTORY
  

Updates 

• Warning on Unauthorised Insurance/Takaful Policies
  
• List of Unlicensed Schemes
  
• Coin Deposit Machine 
  
• Joint Press Release By Royal Brunei Police Force and Autoriti Monetari Brunei Darussalam
  
• Financial Scams Related to Land Banking
  
• Exchange Rates for Brunei Dollars and Singapore Dollars (2) 
  
• AMBD's Response to "Save families from loan sharks" Published on the Borneo Bulletin on Wednesday, 28th September 2016
  
• A Lucky Draw Scam Using Power Root
  
• Illegal Usage of The Brunei Darussalam Currency Notes Images 
  
• Unauthorised Use Of Autoriti Monetari Brunei Darussalam's (AMBD) Name
  
• Forwarded Texts Regarding Alleged Counterfeited BND100 Denominated Polymer Currency
  
• AMBD's Response to Queries on Credit Card Surcharges
  

Why should consumers be careful when dealing with unregulated entities or persons? 

Consequences:

• Protection under the laws administered by AMBD IS NOT APPLICABLE should the members of the public choose to deal with the illegal financial service providers.
  
• Members of the public who participate in the illegal financial activities could also BE CHARGED under the law as abetting the operators of such illegal activities.   
  

Thus, members of the public ARE ADVISED NOT TO:

• Deal with any of the illegal financial service providers;
  
• Reveal or disclose personal financial credentials to any of the illegal financial service providers; and
  
• Make any deposit or investment with individuals and entities that are not regulated under the relevant laws
  

Reporting Illegal and Suspicious Financial Entities and Activities 

Members of the public are advised to alert AMBD on any illegal or suspicious activities or entities at:

+(673) 238 0007

Or

E-mail: fci@ambd.gov.bn

• All information given will be treated confidentially.
  
• Among the illegal financial activities that could be reported to AMBD are:
  
• o    Illegal Deposit Taking
  
• Illegal Foreign Exchange Trading Scheme (Forex Trading)
• Improper Market Conduct or Practices by AMBD's licensee
• Misuse of AMBD and Senior Officers' Names and Positions
• Other Illegal Financial Activities expressly mentioned in the relevant law and regulations administered by AMBD
•  The report could also be effected via the respective AMBD's office at:

Financial Consumer Issues Services

Autoriti Monetari Brunei Darussalam

Level 7, Ministry of Finance and Economy Building

Commonwealth Drive

Bandar Seri Begawan, BB3910

Brunei Darussalam

 Members of the public may also download the AMBD App for free in order to search for an organization here

How to detect an illegal scheme?

Members of the public are advised to be careful and not fall prey to these schemes. Be alert and look out for the following common features of these illegal schemes:

• The approach by the operators may have been made by mail, telephone, Internet or in person, but the intention is always the same, that is, to take money from unsuspecting victim for goods or services that they have no intention to provide.
  
• Schemes which promise interest rates, returns or profits, which are much higher than the returns offered by licensed financial institutions for their deposits.
  
• The promises of high returns are aimed at attracting the members of the public to participate in the schemes and the investors may not be given copies of any documentation including agreements by the operators.
  
• There is also no assurance that the operators of such schemes can continue to pay the high returns.
  
• At the beginning of such schemes, the operators are able to use money received from subsequent depositors to pay high returns or to repay the principal amount to the earlier depositors.
  
• However, the operators could not invest the deposits in equally or more lucrative ventures or investments and therefore unable to sustain the high returns or repayment promised to their depositors.
  

If you require any clarification or wish to lodge a complaint, please contact us at +(673) 2233371 or e-mail us at fci@ambd.gov.bn

Please note that these schemes will fail eventually when there are no new deposits being continually received by the operators. At such time, the "get-rich-quick" schemes will collapse and the depositors or investors will lose their investments.