Banking Act · 2024 Revised Edition · Part · Unclaimed Balances
69. Return and payment of unclaimed money to Authority
Official textFrom Attorney General's Chambers, unchanged
A bank that holds unclaimed money on 31st December in any year shall, within 3 months after that date, or such longer period as the
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;
Authority may in any particular case allow, lodge with the Authority a return relating to that money in a form approved by the Authority.
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
If, after 31st December and before the bank lodges the return with the Authority, the bank pays any unclaimed money to the owner of the unclaimed money, the return must contain such particulars relating to the amounts so paid as are required by the form.
The bank, when lodging the return, must pay to the Authority an amount equal to the sum of the unclaimed money specified in the return less the sum of amounts paid by the bank and specified in accordance with subsection (2).
The Authority shall pay money received under this section into the Consolidated Fund.
A bank that fails to comply with subsection (1), (2) or (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.
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;