AMBD prohibits name use without permission

AUTORITI Monetari Brunei Darussalam (AMBD) yesterday reiterated that individuals, organisations, companies or institutions are not allowed to use AMBD’s name without permission.

AMBD also reminded the public of Section 74A of the AMBD Order, 2010. The AMBD said that it is an offence to either use AMBD’s name, symbol, design or representation without its written permission; or use a name, symbol, design or representation which is identical or resembles the authority’s name, symbol, design or representation thereof as to deceive or cause confusion or to be likely to deceive or cause confusion.

Whoever does is guilty of an offence and liable upon conviction to a fine not exceeding BND20,000, imprisonment for a term not exceeding seven years or both.

AMBD advised the public to stay vigilant and be wary of financial products and investments offered through social media platforms purporting to be approved by AMBD through the illegal use of AMBD’s name, symbol, design or representation.

The public is urged only to deal with individuals or companies that are licensed or otherwise regulated by AMBD, a list of which can be obtained from www.ambd.gov.bn.

AMBD remains committed to the financial stability of Brunei Darussalam, and to safeguarding the integrity of the authority as well as the public interest. AMBD will continue to actively monitor and report to the enforcement authorities any suspicious or unlicensed financial activities in Brunei Darussalam.

If the public has any information on these activities, contact AMBD at 2380007 or e-mail [email protected]