AMBD warns against unlicensed investment schemes

National 1 minute, 29 seconds

BANDAR SERI BEGAWAN

AUTORITI Monetari Brunei Darussalam (AMBD) warned consumers seeking financial services to deal only with persons who are regulated or licensed by AMBD following recent reports of Bruneians falling prey to a foreign exchange investment scam in Malaysia.

In a statement issued yesterday, the central bank said persons choosing to participate in schemes not regulated by AMBD would not have protection under the regulatory framework administered by the financial regulator, particularly if operators were based overseas.

“AMBD’s regulatory regime aims to safeguard the interests of consumers by ensuring only competent and professional persons may provide financial services in Brunei Darussalam.

“The laws administered by AMBD also require disclosure of information on investment products being recommended to consumers,” added the institution.

The financial regulator reminded Bruneians that it is important to check the legitimacy of such schemes and the inherent risks associated with them, rather than just focusing on the offered returns, particularly promises of returns that are much higher than those offered by established investment schemes or products regulated by AMBD.

“If something is too good to be true, it probably is,” said AMBD.

In a previous report, Chief of Selangor Commercial Crime Investigation Department ACP Mohd Sakri Ariffin had said initial investigation found that Bruneians had invested in the foreign exchange scheme.

“We cannot be certain of the number of Bruneians who are actually victimised by this case, but if there are any, we are asking their cooperation to lodge a report to us,” he had said.

A list of persons licensed by AMBD may be obtained through its mobile app, which can be downloaded on both the App Store for iPhone users and Google Playstore for Android users; or visit the central bank’s website at www.ambd.gov.bn

The Brunei Times