Banking Act · 2024 Revised Edition · Part · Overseas Branches and Representative Offices of Domestic Banks
68. Conditions regarding overseas branches and representative offices
Official textFrom Attorney General's Chambers, unchanged
Every bank incorporated in Brunei Darussalam which maintains an overseas branch shall be subject to the following conditions —
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;
the bank shall submit to the Authority a return in such form, and at such intervals, as the Authority may specify showing the assets and liabilities of the overseas branch;
the bank shall submit to the Authority, in such form and manner as the Authority may require, such further information as the
Authority may consider necessary for the proper understanding of the functions and activities of the overseas branch;
if the Authority by notice in writing to the bank concerned requires any return submitted to it under paragraph (a), or any information submitted to it pursuant to a requirement under paragraph (b), to be accompanied by a certificate of an auditor, the
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bank shall provide, to the Authority a certificate of the auditor appointed under section 98 as to whether or not, in the opinion of the auditor, the return or information is correctly compiled from the books and records of the overseas branch;
if the Authority wishes to examine, at the place where the overseas branch is maintained books, accounts and transactions of the branch, the bank shall for that purpose furnish at that place to the person carrying out the examination on behalf of the Authority such books, accounts, documents and other records, however kept or maintained, securities, cash or other information as he may require:
Provided that, so far as is consistent with the conduct of the examination, such books, accounts, documents and under any records, however kept or maintained, securities and cash shall not be required to be produced at such times and such places as would interfere with the proper conduct of the normal daily business of the overseas branch.
Every bank incorporated in Brunei Darussalam which maintains an overseas representative office thereof shall be subject to the following conditions —
the bank shall submit to the Authority such information as it may require regarding the functions and activities of the overseas representative office;
if the Authority wishes to examine, at the place where the representative office is maintained, the functions and activities of that office, the bank shall for that purpose afford at that place to the person carrying out the examination on behalf of the Authority such information and facilities as may be required to conduct the examination, and the bank shall produce to that person such documents or other information as he may require.
A bank which fails to comply with any condition in subsection (1) or (2) or with any requirement imposed under either of those subsections, is guilty of an offence and liable on conviction to a fine not exceeding $150,000 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.
Banking
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;
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Unclaimed Balances
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Invitations to Make Deposits
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