Hotels reminded not to provide venue for unlicensed investment activities as AMBD adds four more companies into alert list

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Waqiuddin Rajak

The Autoriti Monetari Brunei Darussalam (AMBD) has reminded hotel operators in the country not to allow unlicensed investment marketing and education activities at their premises.

The sultanate’s central bank issued the reminder in a media statement recently upon learning that such activities are being held at hotel premises.

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

“As part of their due diligence, hotel operators should also check against the AMBD Alert List to see whether their clients are listed in it, or not,” the central bank said.

The alert list contains name of individuals, companies and websites that are neither authorised nor approved under the laws administered by AMBD, or whose activities raise suspicion of illegal financial activity.

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

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

AMBD has also included four more unlicensed companies or organisations dealing with financial investments and included them into its existing alert list, they are:

  • Big Data International Groups Asia (BDIG)
  • FxCitizen Brunei (BN Freedom Financial)
  • Jumaat Bnd Sdn/Trust Loan Company/Ocean Company
  • Profit Galaxy (DV Cryptoclub & LUX Galaxies)/ LaVida Coins

As of last month, there were 76 companies included in the central bank’s watch list.

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

The country’s financial regulator 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