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Unlicensed Moneylenders


PRESS RELEASE

UNLICENSED MONEYLENDERS

 

  1. Autoriti Monetari Brunei Darussalam (AMBD) has observed an increase in individuals actively targeting customers of financial institutions with existing loans, and offering to settle these loans in exchange for an excessive "service fee". These offers are made on social media platforms such as Facebook and Instagram, or through text messages.

  2. AMBD would like to remind the public that any persons carrying the business of a moneylender is required to be licensed under the Moneylenders Act, Cap.62. Currently, there are no persons that have been licensed under the Act. It is an offence under section 8 (1) Moneylenders Act to carry on the business of a moneylender without a license, and if found guilty an accused shall be liable on conviction to a fine and imprisonment for 18 months.

  3. Members of the public should be wary when dealing with persons who offer to settle existing loans, and be aware of the risks associated with these services or similar services. It may solve financial problems in the short term, but may result in greater financial losses in the long run.

  4. Members of the public that wish to obtain loans/financing are advised to approach licensed financial institutions such as banks and finance companies. If a consumer chooses to deal with persons that are not licensed and regulated by AMBD, he or she will not have the protection afforded under the regulatory framework administered by AMBD.

  5. Furthermore, AMBD, in collaboration with other relevant enforcement authorities, will continue to monitor any illegal financial activities including suspected unlicensed moneylenders. AMBD will not hesitate to take further action where appropriate. 

  6. The public may also obtain the list of persons/institutions licensed by AMBD through the AMBD App, which can be downloaded free of charge on both 'App Store' for iPhone users and 'Google Playstore' for Android users; or visit AMBD's website at

  7. A list of individuals, companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by AMBD or whose activities raise a suspicion of illegal financial activity can also be found in the AMBD Alert List. This Alert List will be updated from time to time and can be found on our website.

  8. AMBD remains committed to the financial stability of Brunei Darussalam, and to safeguarding Brunei Darussalam's financial system and the interests of financial consumers. For further enquiries and information, members of the public may contact AMBD at 2388388 or email 


Autoriti Monetari Brunei Darussalam
Date:             8 Safar 1441H / 7 October 2019M
Reference:         AMBD/COMMS/3


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