FREQUENTLY ASKED QUESTIONS (FAQ)
RECEIVING FUNDS FROM ABROAD
Q: We are expecting our foreign investor to transfer some funds into our bank account in Brunei. Can BDCB provide us with a supporting letter for the bank/investor?
A: BDCB does not provide such letters. You should consult your bank and declare that you are expecting an amount of funding to be transferred into your bank account from the foreign investor. Your bank may require you to provide them with the necessary supporting documents, including details of the source and purpose of the funds.
Q: A foreign investor wants to transfer some funds to my company. My bank asked me to check the background of the investor. Can BDCB assist me in doing the background check of the company?
A: BDCB does not provide such service. As the investor is based abroad, information should be obtained from the country's relevant authority where the investor is incorporated, such as the Registrar of Companies in the foreign country. In addition, you should conduct your own due diligence, including to ensure that the investor is legitimate.
Q: Can I seek BDCB's consent to allow FDI inflow into my company account without the risk of being withheld or frozen for an indefinite period, as this could impede my business operation?
A: BDCB does not provide any form of recommendations, support or approval for consumers to receive transfers of foreign funds into their bank accounts. It is part of respective bank's internal policy or procedure to carry out their Know Your Customer (KYC) or Customer Due Diligence (CDD) process. It is also the bank's prerogative to delay or refuse transactions upon discovery of unsatisfactory or insufficient findings from their KYC and CDD process. As such, kindly approach your bank first to declare the amount of funds you are expecting to receive, as well as provide them with any supporting documents if requested.
Q: My foreign partner (investor) will be sending me money for our development project in Brunei. Do we need clearance from BDCB or should the foreign bank liaise with our bank in Brunei?
A: BDCB does not provide any form of recommendations, support or approval for consumers to receive transfers of foreign funds into their bank accounts. It is part of respective bank's internal policy or procedure to carry out their Know Your Customer (KYC) or Customer Due Diligence (CDD) process. It is also the bank's prerogative to delay or refuse transactions upon discovery of unsatisfactory or insufficient findings from their KYC and CDD process. As such, kindly approach your bank first to declare the amount of funds you are expecting to receive, as well as provide them with any supporting documents if requested.
BDCB ALERT LIST
Q: What is BDCB Alert List?
A: The BDCB Alert List is an inventory of individuals, companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by BDCB and/or whose activities raise a suspicion of an illegal activity. The list is published to alert and warn the public against entities that may be conducting illegal activities.
Q: What if I still want to engage with entities listed in the BDCB alert list?
A: Protection under the laws administered by BDCB is not applicable should the members of the public choose to deal with unlicensed financial service providers. In addition, members of the public who participate in illegal financial activities may 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 unlicensed financial service providers; reveal or disclose personal financial credentials; and make any deposit or investment with these entities.
Q: Where can I find the Alert List?
A: Please click on the 'Consumer' tab on the homepage of the BDCB website. You will find the BDCB Alert List in the drop-down menu.
Q: I have been listed on the BDCB Alert List, but I do not carry out any regulated activities. What should I do?
A: You can write to:
Financial Consumer Issues
Brunei Darussalam Central Bank
Level 7 Ministry of Finance and Economy Building
Commonwealth Drive BB3910
Bandar Seri Begawan
or email: fci@bdcb.gov.bn.
Please provide justification why you think your name or business name should be removed and submit all relevant supporting documents. BDCB will review your application and may contact you for further details
Q: How long will the individual, companies or website be listed in the Alert List?
A: The name of the individuals, companies and websites will only be removed from the list once the application for dispute is approved.
BLOCKED BANK ACCOUNTS
Q: My bank account has been blocked. The bank has asked me to approach BDCB for clarification. Can BDCB provide clarification on this issue?
A: BDCB does not block consumers' bank accounts. Your bank has the right to refuse to conduct transactions based on the bank's Terms and Conditions which is agreed upon signing the document when opening the account. Please make an official enquiry to your bank's designated Complaint Handling Officer to seek further clarification.
Q: My bank account has suddenly been blocked. I did not even know until I tried making withdrawal. Why has this occurred and what should I do?
A: Your bank has the right to refuse to conduct transactions based on the bank's Terms and Conditions (T&C) which is agreed upon signing the document when opening the account. Please refer to your agreement and consult your bank for further clarification.
Q: How long will my account be blocked? When will the bank unfreeze it?
A: Kindly refer to your bank directly on this matter and please be prepared with any supporting documents that may be requested.
Q: My savings account was blocked and was advised by the bank that their management will have to wait for BDCB's further instruction. What should I do?
A: BDCB does not block consumers' bank accounts and does not give instructions to banks on blocking of accounts. Your bank has the right to refuse to conduct transactions based on the bank's Terms and Conditions document, which is signed when opening the account. Please make an official enquiry to your bank's designated Complaints Handling Officer to seek further clarification.
Q: My bank account was blocked because I received money from my customers. Is this true? What should I do?
A: If your bank account is a personal savings account and not a company or business account, you should cease to use your personal account for business purposes and open a business account for these transactions. Please approach your bank to seek information on how to open a business account.
Q: Both my personal and business accounts have been blocked. Last I checked the bank staff told me that their management is still reviewing it as per requirement by BDCB. Is the statement correct?
A: BDCB does not block consumers' bank accounts. All banks in Brunei Darussalam are required to conduct their own due diligence process in compliance with BDCB's regulatory requirements to ensure the soundness, safety and integrity of the financial system. As such, it is also important for you to provide any supporting documents related to your transactions or banking activities for the bank's further assessment.
LOAN/FINANCING RELATED
Q: I am applying for financing from a bank and require a clearance letter from BDCB to show that I have settled my other financings from other banks. Where can I get this clearance letter?
A: BDCB does not provide any form of clearance letters. You may enquire about such documents from your respective banks.
On a side note, the Credit Bureau of BDCB provides Self-Inquiry service, where you can request to inspect your credit report. Your credit report contains information on credit facilities you have taken up, such as credit card, car, home, personal education financing, electric bill, telephone and internet subscription from different financial and non-financial institutions. For more information on Credit Bureau and Self-Inquiry service, please click here.
Q: I am in the process of applying for a financial assistance from Majlis Ugama Islam Brunei (MUIB). I have been asked to obtain some sort of supporting letter from BDCB for my application. Can BCDB provide me with the letter?
A: BDCB does not have an arrangement with MUIB with regard to application of financial assistance.
Q: I have settled my old financing at HSBC. I cannot find my receipt/clearance letter and my credit report shows that the financing is still active. What should I do?
A: Kindly approach Pengiran Izad & Lee Advocates. They have been appointed to manage matters relating to the HSBC closure. Their office is located on 6th Floor, Bangunan Haji Ahmad Laksamana Othman, 38-39 Jalan Sultan, Bandar Seri Begawan (Tel: 2232945/ 2232946/ 2232948).
Q: I have settled my loan/financing at Bank A. However, upon submitting my loan application at Bank B, I was informed that my loans at Bank A are still active. Bank A representatives insisted that my credit report was already updated. What should I do?
A: You may request from the Credit Bureau of BDCB a copy of your credit report for the purpose of self-checking. It gives you the opportunity to verify and rectify the information that is shown in your credit report. In the event where you discover any error and decide to initiate an investigation, you may request the Credit Bureau to initiate an Error Investigation by completing the Dispute Resolution Form within thirty (30) days from the Report Date. For more information on Credit Bureau and Dispute Resolution, please click here.
Q: I want to settle my property loan early and was told that I should pay a 5% penalty fee. I noted that the fee differs than what is stated in BDCB's Notice on Service Fees/Charges. Why is the penalty different than that is stated in the Notice?
A: Clause 3.1 of the Notice on Service Fees/Charges applies to Unsecured Personal Credit/Financing Facilities and Hire Purchase Facilities only and does not apply to an early settlement of property loans. As mortgage loan/financing is categorised as secured loan/financing, you may wish to refer back to the agreement that you have signed earlier with the bank, and check the pre-agreed rate for early settlement. You may approach your bank to seek further clarification on the justification of the charges.
BANKRUPTCY
Q: I want to know how much I have paid for my bankruptcy because it seems that I have paid more than I should. I have tried asking the bank but they would not disclose the amount to me. What should I do?
A: For bankruptcy-related matters, kindly approach the Official Receiver's Chamber (Bankruptcy Office, Judiciary Department) for clarification. The contact details are as follows:
High Court – Supreme Court Building
Jalan Raja Isteri Pengiran Anak Saleha
Bandar Seri Begawan BA1910
Brunei Darussalam
Tel: +673 2243939 to 46
Fax: +673 2241984
Email: courts @judicial.gov.bn
Q: I am facing bankruptcy. My application for financial assistance from MUIB has been approved. However, my bank informed me that I could not open a bank account because of the regulation set by BDCB. What should I do?
A: BDCB does not set any regulations restricting the opening of bank accounts due to bankruptcy. As this matter relates to bankruptcy, you may approach the Official Receiver's Chamber (Bankruptcy Office, Judiciary Department) to discuss further on this matter. The contact details are as follows:
High Court – Supreme Court Building
Jalan Raja Isteri Pengiran Anak Saleha
Bandar Seri Begawan BA1910
Brunei Darussalam
Tel: +673 2243939 to 46
Fax: +673 2241984
Email: courts @judicial.gov.bn
Q: I have a few more years left to pay off my bankruptcy. What shall I do?
A: For bankruptcy-related matters, kindly approach the Official Receiver's Chamber (Bankruptcy Office, Judiciary Department) for further advice. The contact details are as follows:
High Court – Supreme Court Building
Jalan Raja Isteri Pengiran Anak Saleha
Bandar Seri Begawan BA1910
Brunei Darussalam
Tel: +673 2243939 to 46
Fax: +673 2241984
Email: courts @judicial.gov.bn
FINANCIAL SCAM
Q: I think I am a victim of a financial scam. What should I do?
A: You should lodge a report to:
Financial Consumer Issues (FCI)
Brunei Darussalam Central Bank
Level 7 Ministry of Finance and Economy Building
Commonwealth Drive BB3910
Bandar Seri Begawan
Tel: +673 2380007 or +673 8380007 (during closure of service counters due to pandemic restriction)
At the same time, we advise you to also file a report to the Royal Brunei Police Force at the nearest police station.
Q: I am a victim of a financial scam. Can I get my money back?
A: We cannot assist in getting your money back as the entities are not licensed or regulated by BDCB. We advise you to lodge a report to the Royal Brunei Police Force at the nearest police station.
If you transferred funds through your bank account to another account overseas, you are advised to inform your bank as soon as possible of the scam, and request for a swift reversal of the transaction, or a cancellation. At the same time, you are advised to file a report to the police and indicate clearly that the funds were transmitted overseas for their next action.
Some foreign jurisdictions allow consumers to file a police report through their police agency's website. If the foreign jurisdiction where your funds were transferred to has this option, you should also file a police report at that foreign jurisdiction to improve your chances of retrieving your money.
