Brunei

New Documents

Brunei Darussalam Central Bank Encourages Companies to Use FinTech Sandbox

The Monetary Authority of Brunei Darussalam issued a notice to financial institutions, calling for their participation in the central bank’s financial technology regulatory sandbox.

March 10, 2020

Brunei Signs AML/CTF Memorandum of Understanding with Philippines FIU

Brunei’s Financial Intelligence Unit signed a Memorandum of Understanding with the Anti-Money Laundering Council of the Philippines providing for cooperation in the exchange of financial intelligence related to anti-money laundering and counterterrorist financing investigations.

December 23, 2019

Brunei Adds Three Entities to Suspicious Activity List

February 4, 2019

AUSTRAC Publishes Report on Terrorist Financing Red Flag Indicators Related to Nonprofit Organizations

November 7, 2018

Brunei, Laos Sign AML/CTF Memorandum of Understanding

August 1, 2018

News

Midweek Roundup: Ex-ICBC Bankers Allegedly Dodged Compliance Controls in Spain, Brexit Threatens 40,000 UK Banking Jobs, and More

Former U.S. ethics chief accuses President Trump of creating a kleptocracy, Brazil’s Odebrecht accepts penalty for laundering funds through Panamanian banks, and more, in the midweek roundup.

August 2, 2017

Enforcement Actions

0 Items Found

Key Documents

Brunei Amends AML Law

April 21, 2011

Brunei Criminalizes Terrorist Financing

July 18, 2011

Brunei Issues Regulation on Sanctions Related to Terrorist Financing

May 7, 2013

Brunei Establishes Fund for Assets Recovered from ML/TF Offenses

June 30, 2012

Important Facts

  • The U.S. State Department labels Brunei as a monitored jurisdiction. Brunei is not a regional financial center, but it does have a small offshore financial center. The country’s proximity to high-crime regions, a large foreign worker population and limited anti-money laundering/counterterrorist financing institutional capacity make Brunei vulnerable to cross-border criminal activity. Domestically, Brunei is a low threat country for money laundering and terrorist financing. Criminal proceeds generally originate in fraud, gambling, the drug trade and fuel smuggling. There are concerns about an increase in cybercrime and financial fraud such as pyramid schemes.
  • KYC Covered Entities: Banks; TAIB (Islamic financial institution); insurance companies; finance companies; mutual fund and securities dealers; money exchange companies; money remittance companies; registered agents and trustees; real estate agents; casinos (although there are none in Brunei); dealers in precious metals, precious stones, and jewelry; advocates, solicitors, notaries, other independent legal professionals and accountants; trust and company service providers
  • STR Covered Entities:  Banks; TAIB; insurance companies; finance companies; mutual fund and securities dealers; money exchange companies; money remittance companies; registered agents and trustees; real estate agents; casinos (although there are none in Brunei); dealers in precious metals, precious stones, and jewelry; advocates, solicitors, notaries, other independent legal professionals and accountants; trust and company service providers
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 1 (Jan. 1 – Nov. 5, 2015); Convictions: 0 (Jan. 1 – Nov. 5, 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 2 High :
Largely Compliant : 5 Substantial :
Partially Compliant : 25 Moderate :
Non-Compliant : 16 Low :
Not-Applicable : 1

BASEL i

Rank : 82/162
Score : 5.84/10

TRANSPARENCY INTERNATIONAL i

Rank : 35/180
Score : 60/100

Tax Justice Network i

Rank : 125/133
Score : 78/100