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Ministry of Finance
MONEY CHANGER AND
REMITTANCE
BUSINESSES
Market Structure
Since the introduction of the Emergency
(Moneychanger and Remittance Businesses) Order in 1994, there are 62 moneychanger and
remittance businesses companies licensed to conduct businesses in Brunei
Darussalam. Out of 62 companies, 33 involved in moneychanging activities (including 6
hotels) while the rest are conducting remittance businesses.
The total number of licensed operators for both
money changer and remittance businesses can be categorised according to district and area
as follows:-
- Total number of companies by District:-
| |
MONEY CHANGER |
REMITTANCE BUSINESS |
| Brunei/Muara District |
24 |
22 |
| Tutong District |
0 |
1 |
| Seria/Belait District |
2 |
3 |
| Temburong District |
0 |
0 |
Total number of companies by Area:-
| |
MONEY CHANGER |
REMITTANCE BUSINESS |
Bandar
Seri Begawan |
12 |
16 |
Brunei
International Airport |
2 |
0 |
Gadong |
4 |
2 |
Along
Tutong Road |
1 |
3 |
Muara |
2 |
1 |
Jerudong |
1 |
0 |
Regulation
- Annual Licence Fees for Money Changer Businesses are
B$1,000 and Remittance Businesses B$500
- Both companies are required to submit returns according to
the format outlined by the Ministry of Finance every month.
Supervision
- Monitoring of Money Changer and Remittance Businesses:-
- To ensure that money changer and remittance businesses is
conducted with accordance to the Ministry of Finance regulations in order to fulfill the
needs of the public.
- To find out the physical position of business which include
the size of business, security, employees and the way information is advertise to the
public.
- To find out the company’s financial position through
daily transactions, money security etc.
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