The public are advised to avoid unlicensed online entities that offer financial services or money lending. Brunei Darussalam Central Bank, BDCB, made the statement after becoming aware of certain social media accounts that are offering illegal money lending services and falsely claiming to have been promoted by BDCB by misusing the BDCB name, logo, and images of its employees.

BDCB does not promote any financial services and advises the public to be wary of such advertisement. Any persons carrying the business of a moneylender are required to be licensed by BDCB under the Moneylenders Act, Chapter 62. It is an offence under Section 8(1) of the Moneylenders Act for any person to carry on the business of a moneylender without a license, punishable upon conviction with a fine and imprisonment. BDCB also emphasised that any person who uses BDCB's name, symbol, design or representation without its written permission or uses a name, symbol, design or representation identical or resembles BDCB's name, symbol, design or representation with the intentions of deceiving or to cause confusion or to be likely to deceive or cause confusion, is committing an offence under Section 74A of the Brunei Darussalam Central Bank Order, 2010, which carries a penalty of a fine not exceeding $20,000 or imprisonment for a term not exceeding seven years or both.

A report on suspected individuals or entities offering unlicensed moneylending services, can be made to BDCB Financial Consumer Issues at 838 0007 or email '[email protected]'. A police report should also be lodged immediately if fall victim to such illegal practices.  

Source:
RTB NEWS

by RTB NEWS

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