Where a remittance licensee is locally owned, more than 50% of the equity shareholdings must be beneficially owned and effectively controlled by citizens of Brunei Darussalam and a majority of the board of directors of the company must be citizens of Brunei Darussalam.
" 5. (1) No person shall carry on any money-changing business unless he is in possession of a valid money-changer's licence.
[...]
6. (1) No person shall carryon any remittance business unless he is in possession of a valid remittance licence.
[...]
7. (1) Any person who desires to obtain a licence shall make an application to the Authority in such form as the Authority may require. 
2) Upon receiving an application under subsection (1), the Authority shall consider the application and may grant a licence with or without conditions or refuse to grant a licence without assigning any reason therefor. [...]" (MONEY-CHANGING AND REMITTANCE BUSINESSES ACT, as amended)
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"I. Application for Remmitance Licence
The following sets-out the Authority's expectations when considering applications for a remittance licence under section 7 of the Money-Changing and Remittance Business Act [...]
Licensing criteria:
General criteria
An applicant must be incorporated as a company in Brunei Darussalam and fullfill governance and ownership requirements set out below:
Governance and Ownership Requirements:
Applicants must be incorporated in Brunei Darussalam and have at least two directors.
- If there are only two directors, one of the executive directors must be a citizen of Brunei Darussalam and the other director must be ordinarily resident in Brunei Darussalam.
- If there are more than two directors, one of the executive directors must be a citizen of Brunei Darussalam and at least two of the other directors must be ordinarily resident in Brunei Darussalam.
Where a company is locally owned, more than 50% of the equity shareholdings must be beneficially owned and effectively controlled by citizens of Brunei Darussalam and a majority of the board of directors of the company must be citizens of Brunei Darussalam. [...]" (Brunei Darussalam Central Bank, "Guide to Brunei's Darussalam Financial Sector: Opprtunited in the Financial Sector", January 2024)
MONEY-CHANGING AND REMITTANCE BUSINESSES ACT, as amended
Brunei Darussalam Central Bank, "Guide to Brunei's Darussalam Financial Sector: Opprtunited in the Financial Sector", January 2024
[<a href="https://www.agc.gov.bn/AGC%20Images/LAWS/ACT_PDF/Chp.174.pdf">Act</a>],[<a href="https://www.bdcb.gov.bn/SiteAssets/Guide%20to%20Brunei%20Darussalam%20Financial%20Sector%20(as%20of%202%20January%202024).pdf">Guide</a>]