Central Bank of Brunei Darussalam warns public about a fake Shariah Compliant Banking Certificate and misuse of its name and logo

The Central Bank of Brunei Darussalam (BDCB) issued a public warning after receiving information about an image of a “Shariah Compliant Banking Certificate” purportedly issued by BDCB to certify a company’s incorporation in Brunei Darussalam. BDCB confirmed the certificate is not authentic and was not issued by the central bank. The central bank cautioned the public about fraudulent use of BDCB’s name and logo to deceive consumers. It highlighted that using BDCB’s name or logo without written permission, or using similar identifiers with intent to deceive or cause confusion, is an offence under Section 74A of the BDCB Order, 2010, punishable by a fine of up to BND 20,000 or imprisonment of up to seven years, or both. BDCB also advised consumers to avoid unlicensed online entities offering financial services and to deal only with financial institutions licensed by BDCB, including checking the BDCB Alert List on its website. BDCB advised victims to report incidents to the Royal Brunei Police Force and encouraged the public to inform the central bank of suspected unlicensed financial service providers. It also noted it will continue monitoring suspicious or unlicensed financial activities in collaboration with other enforcement authorities.