AMBD flags questionable financial services

The Autoriti Monetari Brunei Darussalam (AMBD) Alert List has been updated, AMBD stated.

The AMBD Alert List is a list of individuals, companies and websites which are neither authorised nor approved under laws and regulations administered by AMBD or whose activities raise a suspicion of illegal financial activity. This list is without prejudice to any further assessment by AMBD regarding the activities of the companies concerned.

AMBD informed the public that the individuals, companies or entities – Alan Wong Loan Settlement (FaceBook profile) (8300641); and Billah FinService Organization (FaceBook profile) – have been included in the Alert List for May 2021.

To access the Alert List, the public can visit the AMBD website at www.ambd.gov.bn. A list of persons or institutions licensed by AMBD can be obtained through the same website.

It has also come to AMBD’s attention that there are several Facebook pages used as platforms to advertise and offer unlicensed/unregulated financial activities (meaning the provision of financial products and related services), including the Facebook page “Via Tempat Minjam Duit Tahan Item/ATM”.

AMBD urged the public to only deal with financial institutions licensed by AMBD, and to avoid against dealing with unlicensed financial service providers or third party entities that offer assistance to obtain financial products or related services on any social media platforms. Members of the public who involve themselves with unlicensed or unregulated persons and/or financial institutions will not have the protection afforded under the regulatory framework administered by AMBD.

AMBD remains committed to the financial stability of Brunei and to safeguarding Brunei’s financial system and the interests of financial consumers. AMBD will also continue to actively monitor any suspicious or unlicensed financial activities in Brunei. If the public have information on unlicensed financial activities, contact AMBD at 2380007 or e-mail [email protected]