Banking Act · 2024 Revised Edition · Part · Licensing of Banks
7. Application for licence
Official textFrom Attorney General's Chambers, unchanged
A company which desires to carry on banking business in
company
“company” means a body corporate incorporated or registered in Brunei Darussalam under the Companies Act;
Brunei Darussalam shall, in the prescribed form and on payment of the prescribed fee, make an application to the Authority for a licence accompanied by —
Authority
“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
a copy of the Memorandum of Association and Articles of Association or other instrument under which it is incorporated;
a copy of its latest balance sheet together with such other documents (if any) as may be prescribed;
Banking 18
an undertaking appropriate to the class of licence sought in a form acceptable to the Authority which may impose different undertakings for different circumstances as to the persons or description of persons to or for whom the company proposes to provide banking business, and as to the service and activities proposed to be offered to and with such persons.
After receiving an application under subsection
, the Authority may require the applicant to submit such further information as the Authority considers necessary or desirable to enable the application to be fully assessed for the purposes of this Act.
Before determining an application under subsection (1), the Authority may require one or more representatives of the applicant to appear before the Authority to be interviewed with respect to the application and, at such an interview, the representatives may, with the approval of the
Authority, submit further evidence.
Any person who knowingly or recklessly furnishes any document or information which is false or misleading in a material particular in connection with an application for a licence falling within subsection (1)
document
“document” includes a circular brochure, pamphlet, poster, handbill, prospectus and other document which is directed at or likely to be read by members of the public; and also includes any newspaper, magazine, journal or other periodical publication;
is guilty of an offence and liable on conviction to a fine not exceeding $300,000, imprisonment for a term not exceeding 3 years or both.
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;
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;
document
Defined · s 2“document” includes a circular brochure, pamphlet, poster, handbill, prospectus and other document which is directed at or likely to be read by members of the public; and also includes any newspaper, magazine, journal or other periodical publication;
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