AMBD reminds businesses not to allow unlicensed investment activities at premises – red flags six companies

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Fitri Shahminan

The Autoriti Monetari Brunei Darussalam (AMBD) has reminded local business owners not to allow unlicensed investment education and marketing programmes to be held at their premises following the rise of such events being organised in recent times.

“It has come to AMBD’s attention that events involving the introduction to, marketing and educating of unlicensed investment products by those who are listed in the AMBD alert list and/or those who do not have approval from the authorities are held at business premises,” the sultanate’s central bank said in a media release today.

The monetary authority reminded business owners in Brunei to ensure events’ organisers have obtained the necessary approvals from the respective authorities before allowing said events to be carried out at their premises.

The Ministry of Finance building where the AMBD is headquartered. Image: Ridhwan Kamarulzaman

“Business owners, as part of their due diligence, should also check against the alert list as to whether event organisers are listed in the alert list,” it added.

The AMBD alert list is 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, the central bank explained.

“This list is without prejudice to any further assessment by AMBD regarding the activities of the companies concerned,” it said.

AMBD has also red-flagged six more unlicensed companies or organisations dealing with financial investments and included them into its existing alert list.

The latest companies to be in the list are:

  • Tifia Markets Limited
  • Amanah Rahman Feeds
  • FBS Brunei Forex
  • Hongkong Sito Investment Limited
  • Hot Forex Brunei
  • Organisation of Abandoned Talented Generation (OATG) Traders

As of March 2018, there were 66 companies included in the central bank’s alert list.

“AMBD remains committed to the financial stability of Brunei, and to safeguarding Brunei’s financial system and the interests of financial consumers,” the monetary authority said.

AMBD will also continue to actively monitor any suspicious or unlicensed financial activities in Brunei and advises the public who have information to such activities to report the matter.

The Bruneian