The Brunei Darussalam Central Bank (BDCB) has directed its licensee, Remittance@Seconds, to cease receiving money from the public for the purpose of remittance, effective from yesterday.
The central bank announced the action, “pursuant to its powers under Section 54 of the BDCB Order, 2010”, in a press release yesterday.
It said Remittance@Seconds failed to comply with several conditions of their remittance business license set by the BDCB, which include allowing unauthorised personnel to conduct remittance business on Remittance@Seconds’ behalf. The business was also found to have inadequate resources, internal controls and appropriate procedures to safeguard the best interests of their customers.
The directive will be in place until BDCB is satisfied that the appropriate and proper measures have been taken by the business to rectify the deficiencies.
