67. Control of establishment etc. of overseas branches and representative offices

A bank which is incorporated in Brunei Darussalam shall not establish or maintain any overseas branch or overseas representative office thereof without the approval of the Authority.

If, before the commencement of this Act, a bank already maintains overseas branch or overseas representative office, then, at that commencement, approval under subsection (1) is deemed to have been given to the bank concerned in respect of that branch or office.

By notice in writing served on a licensed bank, the Authority may at any time attach to an approval granted or deemed to have been granted under subsection (1) or (2), in respect of any overseas branch or overseas representative office such conditions, or amend or cancel any conditions so attached, as it may think appropriate.

If the Authority considers it appropriate to do so —

Where the Authority refuses to grant approval under subsection (1) or revokes an approval under subsection (4), it shall notify the bank in writing of such refusal or revocation.

A bank which fails to comply with subsection (1) or with any condition attached under subsection (3) 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.