Banking Act · 2024 Revised Edition · Part · Licensing of Banks
4. Licensing of banks
Official textFrom Attorney General's Chambers, unchanged
No banking business shall be carried on in Brunei Darussalam except by a company which is in possession of a licence granted under this
banking business
“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;
Act, the Islamic Banking Act (Chapter 283) or the International Banking
Order, 2000 (S 53/2000).
Nothing in subsection (1) applies to the business which a moneylender may conduct in accordance with a licence granted to him under the Moneylenders Act (Chapter 62) or to the business which a finance company may conduct in accordance with the licence granted to it under the
Finance Companies Act (Chapter 89).
Any person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $1,000,000, imprisonment for a term not exceeding 5 years or both and, in the case of a continuing offence, to a further fine not exceeding $20,000 for every day during which the offence continues after conviction.
Terms defined in s 2
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;
company
Defined · s 2“company” means a body corporate incorporated or registered in Brunei Darussalam under the Companies Act;
Part
Reserve Funds, Dividends, Balance Sheets and Information
Part
Prohibited Business
Part
Minimum Assets Requirements
Part 7
Part
Overseas Branches and Representative Offices of Domestic Banks
Part
Unclaimed Balances
Part
Invitations to Make Deposits
Part