Stiff fine for unlicensed money remittance business
BANDAR SERI BEGAWAN (Borneo Bulletin/ANN) - Autoriti Monetari Brunei Darussalam (AMBD), as the central bank of Brunei Darussalam, is committed to the financial stability of the country and safeguarding its financial system and the interests of financial consumers.
In line with this, AMBD informed the public that carrying out a remittance business requires a valid remittance licence.
In accordance with section 6(2) of the Money-Changing and Remittance Businesses Act, Cap 174, carrying on any remittance business without a valid remittance licence is an offence and shall be liable on conviction to a fine not exceeding B$10,000 or imprisonment for a term not exceeding one year, or both.
AMBD reminded the public to only deal with licensed remittance operators and to report any unlicensed remittance operators to the Financial Consumer Issues, AMBD, at 2380007 or email at email@example.com.
The list of licensed remittance operators and other licensed financial institutions can be found on AMBD’s website as well as the AMBD App.
For further information, members of the public can download the AMBD App, which can be downloaded from the Apple AppStore and the Google Playstore; or visit AMBD’s website at http://www.ambd.gov.bn; or by following AMBD on Instagram at @autoriti_monetary.