Banking Act · s 55

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55.
Provisions supplementary to sections 53 and 54
(1) For the purposes of an inspection under section 53 or an investigation under section 54, the bank under inspection or investigation shall —
(a) produce its books, accounts, documents and other records, however kept or maintained, to the Authority and afford the Authority access thereto; and
(b) provide such information or facilities as may be required by the Authority to conduct the inspection or investigation.
(2) The books, accounts, documents and records referred to in subsection (1) shall not be required to be produced at such times or at such places as would unduly interfere with the proper conduct of the normal daily business of the bank.
(3) The Authority may appoint an auditor, other than the auditor appointed by the bank or by the Authority under section 98, to exercise the powers of the Authority under section 53 or 54.
(4) Customer information that is obtained by the Authority from a bank incorporated outside Brunei Darussalam during an inspection under section 53 or an investigation under section 54 may be disclosed by the
Authority to the parent supervisory authority of the bank where —
(a) the customer information does not consist of deposit information; or
(b) the customer information is required by the parent supervisory authority for the sole purpose of carrying out its supervisory functions, and in either case is subject, in respect of customer information required by the Authority, to provisions in relation to sharing of information at least equivalent to those under this Act.

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(5) Any bank which, without reasonable excuse, contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day during which the offence continues after conviction.

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s 55Provisions supplementary to sections 53 and 54

(1)

For the purposes of an inspection under section 53 or an investigation under section 54, the bank under inspection or investigation shall —

(a)

produce its books, accounts, documents and other records, however kept or maintained, to the Authority and afford the Authority access thereto; and

(b)

provide such information or facilities as may be required by the Authority to conduct the inspection or investigation.

(2)

The books, accounts, documents and records referred to in subsection (1) shall not be required to be produced at such times or at such places as would unduly interfere with the proper conduct of the normal daily business of the bank.

(3)

The Authority may appoint an auditor, other than the auditor appointed by the bank or by the Authority under section 98, to exercise the powers of the Authority under section 53 or 54.

(4)

Customer information that is obtained by the Authority from a bank incorporated outside Brunei Darussalam during an inspection under section 53 or an investigation under section 54 may be disclosed by the

Authority to the parent supervisory authority of the bank where —

(a)

the customer information does not consist of deposit information; or

(b)

the customer information is required by the parent supervisory authority for the sole purpose of carrying out its supervisory functions, and in either case is subject, in respect of customer information required by the Authority, to provisions in relation to sharing of information at least equivalent to those under this Act.

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(5)

Any bank which, without reasonable excuse, contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day during which the offence continues after conviction.