Banking Act · 2024 Revised Edition · Part 7
58. Banking confidentiality
Official textFrom Attorney General's Chambers, unchanged
Customer information shall not, in any way, be disclosed by a bank in Brunei Darussalam or any of its officers to any other person except as expressly provided in this Act.
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;
A bank in Brunei Darussalam or any of its officers may, for such purpose as may be specified in column 1 of Schedule 3 disclose customer information to such persons or class of persons as may be specified in column 2 of Schedule 3, and in compliance with such conditions as may be specified in column 3 of Schedule 3.
Where customer information is likely to be disclosed in any proceedings referred to in item 3 or 4 of Part 1 of Schedule 3, the court may, either of its own motion, or on application of any party to the proceedings or the customer to which the customer information relates —
direct that the proceedings be held in camera; and
make such other orders as it may consider necessary to ensure the confidentiality of the customer information.
Where an order has been made by a court under subsection (3), any person who, contrary to such an order, publishes any information that is likely to lead to the identification of any party to the proceedings is guilty of an offence and liable on conviction to a fine not exceeding $150,000.
Any person (including where a person is a body corporate, an officer of the body corporate) who receives customer information referred to in Part 2 of Schedule 3 shall not, at any time, disclose the customer information or any part thereof to any other person, except as authorised under Schedule 3 or if required to do so by an order of the court.
officer
“officer”, in relation to a company, includes — (a) a director, the secretary or an employee of the company; (b) a receiver or manager of any part of the undertaking of the company appointed under a power contained in any instrument; and (c) the liquidator of the company appointed in a voluntary winding up;
Banking 68
Any person who contravenes subsection (1) or (5) is guilty of an offence and liable on conviction to fine not exceeding $150,000, imprisonment for a term not exceeding 3 years or both.
In this section and in Schedule 3, unless the context otherwise requires —
where disclosure of customer information is authorised under Schedule 3 to be made to any person which is a body corporate, customer information may be disclosed to such officers of the body corporate as may be necessary for the purpose for which the disclosure is authorised under Schedule 3; and
the obligation of any officer or other person who receives customer information referred to in Part 2 of Schedule 3 shall continue after the termination or cessation of his appointment, employment, engagement or other capacity or office in which he had received customer information.
For the avoidance of doubt, nothing in this section shall be construed to prevent a bank from entering into an express agreement with a customer of that bank for a higher degree of confidentiality than that prescribed in this section and in Schedule 3.
agreement
“agreement” means an agreement whether formal or informal and whether express or implied;
Where, in the course of an inspection under section 53 or an investigation under section 54 or the carrying out of the Authority’s function of supervising the financial condition of any bank, the Authority incidentally obtains customer information and such information is not necessary for the supervision or regulation of the bank by the Authority, then, such information shall be treated as confidential by the Authority.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
This section and Schedule 3 also apply, with such modifications as may be prescribed by the Authority, to any licence granted under section 23.
Action by Authority if bank cannot meet its obligations [S 110/2010]
Terms defined in s 2
agreement
Defined · s 2“agreement” means an agreement whether formal or informal and whether express or implied;
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;
officer
Defined · s 2“officer”, in relation to a company, includes — (a) a director, the secretary or an employee of the company; (b) a receiver or manager of any part of the undertaking of the company appointed under a power contained in any instrument; and (c) the liquidator of the company appointed in a voluntary winding up;
Part
Overseas Branches and Representative Offices of Domestic Banks
Part
Unclaimed Balances
Part
Invitations to Make Deposits
Part