AUTORITI Monetari Brunei Darussalam (AMBD) said that it has come to the attention of the authority that United Formula Company (UFC) has allegedly been making false representations to potential and existing clients that their business or products are approved by AMBD.
Members of the public should be aware that UFC has been listed on the AMBD Alert List since January 10, 2018, it informed in a press statement yesterday.
AMBD said it has received an increasing number of complaints and queries from members of the public who have incurred losses from participating in unregulated financial investments, and reiterated its advice to members of the public to be extremely cautious when participating in any scheme or financial transaction that are not regulated under the laws administered by AMBD or are listed in the AMBD Alert List.
The authority also advised the public to only deal with persons or entities that are regulated by AMBD. “AMBD’s regulatory framework aims to safeguard the interests of investors by ensuring that only competent and qualified persons may provide financial services,” the statement noted. “The public should exercise caution when they come across what appears to be an investment opportunity that promises high returns with representations or assurances of negligible risks or even being risk free. The public should also be wary of schemes that focus on attracting new clients to make investments.
“These are most likely to be financial scams or even Ponzi schemes that fall outside of AMBD’s regulatory protection,” it added.
“Members of the public may check on the AMBD Alert List available on the AMBD website at www.ambd.gov.bn for the 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 authority urged.
The list of persons and institutions licensed by AMBD can also be found on AMBD’s website; or on the AMBD app downloadable at App Store and Google Playstore.