Brunei Darussalam Central Bank (BDCB) recently updated its Alert List, adding four entities believed to be offering money remittance-related services without being licensed, authorised or regulated by the central bank.
The newly listed entities are @jftiaracollection / Money Transfer by JFTIARA (7159447), amalianaexpress_ (7265791), shopwtammar (8369495) and 8267784.
The BDCB Alert List is a list of persons, including companies and individuals, that are currently not licensed, authorised or regulated by BDCB. The list is issued to help members of the public exercise caution and avoid being misled into believing that listed entities are licensed, authorised or regulated by the central bank.
According to BDCB, the inclusion of an entity on the Alert List is without prejudice to any further assessment the central bank may undertake regarding the activities of the persons concerned.
BDCB reminded the public to deal only with financial institutions licensed by the central bank and to avoid engaging with unlicensed companies or individuals offering financial services.
Among the financial products and services that require licensing by BDCB are money remittance, money changing, money lending and pawnbroking services. Members of the public are also reminded that they will not be protected under BDCB’s regulatory framework if they deal with companies or individuals that are unlicensed or unregulated.
The updated Alert List is available on BDCB’s website. Members of the public may also visit the website or follow BDCB’s Instagram account, @centralbank.brunei, for information on the dangers of unlicensed financial entities and guidance on identifying financial scams.
BDCB said it remains committed to maintaining the financial stability of Brunei Darussalam, safeguarding the country’s financial system and protecting the interests of financial consumers. The central bank added that it will continue to actively monitor suspicious or unlicensed financial activities in the Sultanate.
Members of the public with information regarding suspicious or unlicensed financial activities may contact the BDCB Anti-Scam Helpline at 16993.
THE BRUNEIAN | BANDAR SERI BEGAWAN
