NBFIRA Warns Pawnshops On Compliance

This follows last February’s notice issued by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) requesting all exempted pawnshops to provide certain information.

The information required included the pawnshops’ operational status, change in shareholding, management, contact persons, physical and postal addresses amongst others. However, 30 entities failed to provide the information required hence the latest warning. “Pawnshops that do not provide the requested information will be considered to be operating illegally, and regulatory action may be instigated against them,” NBFIRA said in a statement.