93Receiving, taking or acceptance of deposits prohibited, except under and in accordance with licence granted under section 4
94Unsolicited calls
95Advertisements for deposits
96Non-application of sections 93, 94 and 95
97Fraudulent inducement in relation to deposits

General

98Auditing
99Clearing House and settlement of balance between banks
100Declaration of holidays
101Priority of deposit liabilities
102Priority of deposit liabilities inter se
103Redemption of securities held by bank under liquidation
104Execution of instruments under seal
105Disqualification of directors and employees of banks
106Offences by directors, managers, agents etc.
107Offences by bodies corporate
108Indemnity
109Indemnity and fidelity fund
110Duty of registered bank to furnish guarantee for liabilities
111Power of Authority to compound
112Publication of list of banks
113General penalty
114Offences triable in High Court
115Prosecutions
116Recovery of fees, expenses etc.
117
118Mergers
119Approval by Authority for merger of certain banks
120Condition for issue of certificate of approval
121Effect of merger
122Amendment of Schedules
123Application of Act
124Exemptions
125Regulations
126Power to issue guidelines etc.
127Savings
128Transitional licensing provisions

Schedules

Schedule 1 (Section 2) Interpretation of “Associate”, “Parent” and “Subsidiary” Undertakings Part 1 Associate 1. (1) in This Act, “Associat...
SCHEDULE 1 — (continued) “settlement” includes any disposition or arrangement under which property is held on trust; “son” includes step-so...
SCHEDULE 1 — (continued) (2) In sub-paragraph (1)(a), (b), (c) and (d), “the relevant paragraph”, in relation to a controller, means whiche...
SCHEDULE 1 — (continued) (f) it has a participating interest in the undertaking and either actually exercises a dominant influence over the...
SCHEDULE 1 — (continued) Participating interests 8. (1) A “participating interest” is an interest held by an undertaking in the shares of a...
SCHEDULE 1 — (continued) (ii) giving rise to an obligation to contribute to the debts or expenses of the undertaking in the event of a wind...
SCHEDULE 1 — (continued) (b) where the shares are held in connection with the granting of loans as part of normal business activities and...
SCHEDULE 2 (section 128(1)) BANKS SUBJECT TO TRANSITIONAL LICENSING 1. Baiduri Bank Berhad 2. Brunei Investment and Commercial Bank Sdn Bhd...
SCHEDULE 3 (section 58(2)) PART 1 FURTHER DISCLOSURE NOT PROHIBITED Column 1 Column 2 Column 3 Purposes for which customer information may...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) PART 2 FURTHER DISCLOSURE PROHIBITED Column 1 Column 2 Column 3 Purposes for which customer information may be dis...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) Column 1 Column 2 Column 3 Purposes for which customer information may be disclosed Persons to whom information ma...
SCHEDULE 3 — (continued) PART 3 INTERPRETATION In this Schedule, unless the context otherwise requires — “advocate and solicitor” means an...
SCHEDULE 4 (section 121) EFFECT OF MERGER Interpretation 1. In this Schedule, unless the subject or context otherwise requires — “Bank” mea...
SCHEDULE 4 — (continued) Transfer of undertakings 2. (1) On the effective date, the undertakings of the existing banks shall, by virtue of...
SCHEDULE 4 — (continued) Banking business 4. Without prejudice to the generality of paragraphs 2 and 3, the following provisions shall have...
SCHEDULE 4 — (continued) Actions etc. not to abate 5. Any action, arbitration or proceeding and any cause of action, arbitration or proceed...
SCHEDULE 4 — (continued) Dissolution of existing Islamic banks 9. (1) An existing bank shall, by virtue of this Schedule, be dissolved on t...

Banking Act · 2024 Revised Edition · Part · General

124. Exemptions

No plain-English summary for s 124 yet. See the rest of this law

Official textFrom Attorney General's Chambers, unchanged

The Minister may, with the approval of His Majesty the Sultan and

Minister

Defined · s 2

“Minister” means the Minister of Finance and Economy;

Open s 2

Yang Di-Pertuan, subject to such conditions and for such period or periods as he thinks fit, exempt in writing any bank specified in Schedule 2 from any of the provisions of this Act.

bank

Defined · s 2

“bank” means a company which carries on banking business and holds a licence granted under section 4 or 23, and includes all branches and offices in Brunei Darussalam of any such company for the purposes of this Act;

Open s 2

Terms defined in s 2

bank
Defined · s 2
“bank” means a company which carries on banking business and holds a licence granted under section 4 or 23, and includes all branches and offices in Brunei Darussalam of any such company for the purposes of this Act;
Open s 2
Minister
Defined · s 2
“Minister” means the Minister of Finance and Economy;
Open s 2

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Schedules

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Banking Act · s 124

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Where this comes from

Attorney General's Chambers · Banking Act, 2024 Revised Edition. Reader record updated on 2 Oct 2026.

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