Bandar Seri Begawan - The Brunei Darussalam Central Bank (BDCB) has issued a public advisory against engaging with unlicensed online entities that claim to offer financial services or money lending. This warning comes in light of reports that certain social media accounts have been falsely promoting illegal money lending services by unlawfully using the BDCB name, logo, and even images of its employees.
According to Radio Television Brunei, BDCB clarifies that it does not endorse any financial services and urges the public to exercise caution regarding such advertisements. The bank reminds that operating as a moneylender without a license from BDCB is a criminal offence under the Moneylenders Act, Chapter 62, subject to penalties including fines and imprisonment. Moreover, the unauthorized use of BDCB's name or likeness to deceive or cause confusion constitutes an offence under the Brunei Darussalam Central Bank Order, 2010, carrying a potential fine of up to $20,000 or imprisonment for up to seven years, or both.
Individuals or entities suspected of offering unlicensed moneylending services can be reported to BDCB Financial Consumer Issues. Victims of these illegal practices are also encouraged to file a police report immediately.