AMBD issues warning on unregulated entity

It has come to Autoriti Monetari Brunei Darussalam’s (AMBD) attention that an event titled ‘Seminar Dagangan Forex Eksklusif Brunei 2019’ or ‘Exclusive Seminar on Forex Business, Brunei 2019’ is being organised by LiteFinance Brunei.

AMBD said that LiteFinance Brunei and its related entities are not licensed in Brunei Darussalam to provide financial services.

AMBD reminded the public to be careful when participating in any schemes or financial transactions.

It is important to check the legitimacy of such individuals or entities as well as to be aware of the inherent risks associated before agreeing on any financial transactions. If the entity is based outside of Brunei Darussalam, please check with the overseas authority if it is regulated.

AMBD also advised the public to deal only with persons that are regulated by AMBD. Members of the public who choose to deal with unlicensed and unregulated persons offering financial services or products may not have the protection afforded under the regulatory framework administered by AMBD.

AMBD’s regulatory framework aims to safeguard the interests of investors by ensuring that only competent and qualified persons may provide financial services.

The list of persons and institutions licensed by AMBD may be obtained through the AMBD App and the AMBD Alert List, both of which can be downloaded free of charge on both ‘App Store’ for iPhone users and ‘Google Playstore’ for Android users; or visit http://www.ambd.gov.bn.

AMBD remains committed to the financial stability of Brunei Darussalam, and to safeguarding Brunei Darussalam’s financial system and the interests of financial consumers.

AMBD will continue to actively monitor suspicious or unlicensed financial activities in Brunei Darussalam. If the members of public have any information on unlicensed financial activities, contact AMBD at 2388388 or e-mail [email protected]