Financial Consumer Alert and Updates


Financial Consumer Alert


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 22 December 2016]

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:

Updates 

 

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) 2233371

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

Credit Bureau Customer Service Office

Unit 1, Ground Floor

Dar Takaful IBB Utama

Jalan Pemancha BS8711

Bandar Seri Begawan


 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?

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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.