BANDAR SERI BEGAWAN: Brunei Darussalam Central Bank (BDCB) has reminded the public to deal only with financial institutions licensed by the central bank and to avoid engaging with unlicensed companies or individuals offering financial products or services.
In a press release, BDCB said activities requiring its licence include deposit-taking, money lending, investment schemes, insurance and takaful services, money remittance, money changing and pawnbroking.
The reminder comes amid a rise in unauthorised financial service offerings on social media and online platforms such as Facebook, Instagram, Telegram and WhatsApp.
BDCB said unlicensed entities often use misleading information and persuasive tactics to target members of the public, particularly those in vulnerable situations.
The public has been strongly advised to verify that any company or individual offering financial services is licensed by BDCB before entering into any transaction or commitment.
“Dealing with unlicensed or unregulated entities can expose consumers to significant financial risks,” BDCB said, noting potential losses with little or no chance of recovery, false promises of returns, hidden fees or unfair terms, and the absence of proper complaint channels or regulatory protection.
To safeguard themselves, members of the public are encouraged to check BDCB’s list of licensed financial institutions available on its official website at www.bdcb.gov.bn.
They should also refer to the BDCB Alert List, which names entities known or suspected of operating without authorisation. However, BDCB stressed that an entity’s absence from the list does not mean it is authorised or safe to deal with.
The public is further advised not to share sensitive personal or financial information with unknown or unverified parties.
Those who fall victim to such activities should lodge a report immediately with the Royal Brunei Police Force (RBPF) at the nearest police station or by calling the Anti-Scam Helpline at 16993. - Borneo Bulletin/ANN
