Banking Act · 2024 Revised Edition · Part · Prohibited Business
36. Non-financial businesses
Official textFrom Attorney General's Chambers, unchanged
No bank in Brunei Darussalam shall carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on, whether in Brunei Darussalam or elsewhere, any business except for the following —
bank
“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;
banking business;
any business the conduct of which is regulated or authorised by the Authority under any other written law;
any business which is incidental to the business which the bank may carry on under paragraph (a) or (b);
any business or class of business as the Authority may approve, subject to such conditions as it may impose in any particular case.
Banking
Nothing in this section shall be construed as exempting a bank from any requirement which apart from this section, the bank is required to comply with under any written law for the conduct of any business.
Any bank which contravenes this section or fails to comply with any condition imposed or prescribed under this section is guilty of an offence and liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day during which the offence continues after conviction.
Terms defined in s 2
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
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;
banking business
Defined · s 2“banking business” means business which consists of or includes the receiving of deposits or other repayable funds from the public and the granting of credits for its own account and includes the following activities — (a) financial leasing; (b) money transmission services; (c) issuing and administering means of payment, such as credit cards, charge cards, travellers’ cheques and bankers’ drafts; (d) guarantees and commitments; (e) trading for own account or for account of customers in one or more of money market instruments, foreign exchange, financial futures and options, exchange and interest rate instruments and transferable securities; (f) participation in share issues and the provision of services relating to such issues; (g) advice to undertakings or capital structure, industrial strategy and related questions and advice and services relating to mergers and the purchase of undertakings; (h) money broking; (i) portfolio management and advice; (j) safekeeping and administration of securities; (k) credit reference services; (l) safe custody services; (m) bank assurance; and (n) such other business as may be approved in writing by the Authority with the approval of the Minister;
Part
Minimum Assets Requirements
Part 7
Part
Overseas Branches and Representative Offices of Domestic Banks
Part
Unclaimed Balances
Part
Invitations to Make Deposits
Part