The Brunei Darussalam Central Bank (BDCB) warned that they will take serious action against unlicensed moneylenders in a statement yesterday.
The BDCB reminded the public that moneylenders are required to be licensed under the Moneylenders Act. Anyone carrying out the business of moneylending without a licence can be fined BND500 and imprisoned for 18 months upon conviction.
The central bank advised the public to only deal with financial institutions licenced by BDCB when obtaining loans or financing and avoid unlicensed moneylenders, also known as ‘Ah Longs’ or loan sharks. The central bank warned that anyone choosing to deal with entitites, companies or individuals not licenced or regulated by the BDCB will not have protection provided under its regulatory framework.
Members of the public who encounter individuals or entities offering unlicensed moneylending services to the BDCB Financial Consumer Issues at 8380007 or email fci@bdcb.gov.bn.
Anyone falling victim to such illegal practices should also file a report to the Royal Brunei Police Force or call 993.
