Brunei Darussalam Central Bank Order, 2010 (Formerly Known as Autoriti Monetari Brunei Darussalam Order) · As enacted · Part VI · Relations with Banks and Financial Institutions
55. Clearing and settlement of balances between banks and financial institutions
Official textFrom Attorney General's Chambers, unchanged
Any bank or financial institution shall clear and settle its payments and securities transactions, in such manner as the Authority may specify by notice in writing.
bank
"bank" means- {a} in relation to Brunei Darussalam, a bank licensed under sections 4 or 23 of the Banking Order, 2006 (S 45/06), an international bank licensed under section 7 of the International Banking Order, 2000 {S 53/00) and an Islamic bank licensed under sections 4 or 23 of the Islamic Banking Order, 2008 (S 96/08); {b) in relation to any country, territory or place outside Brunei Darussalam, a person lawfully carrying on therein business corresponding in whole, in part or in substance to "banking business" as defined in section 2(1) of the Banking Order, 2006 (S 45/06) or in section 2(1) of the International Banking Order, 2000 {S 53/00); and includes Islamic banking business as defined in section 2(1) of the Islamic Banking Order, 2008 (S 96/08);
Terms defined in s 2
bank
Defined · s 2"bank" means- {a} in relation to Brunei Darussalam, a bank licensed under sections 4 or 23 of the Banking Order, 2006 (S 45/06), an international bank licensed under section 7 of the International Banking Order, 2000 {S 53/00) and an Islamic bank licensed under sections 4 or 23 of the Islamic Banking Order, 2008 (S 96/08); {b) in relation to any country, territory or place outside Brunei Darussalam, a person lawfully carrying on therein business corresponding in whole, in part or in substance to "banking business" as defined in section 2(1) of the Banking Order, 2006 (S 45/06) or in section 2(1) of the International Banking Order, 2000 {S 53/00); and includes Islamic banking business as defined in section 2(1) of the Islamic Banking Order, 2008 (S 96/08);
financial institution
Defined · s 2"financial institution" means (a) any insurer registered under the Insurance Order, 2006 (S 48/06) or the Takaful Order, 2008 (S 100/08) or any person licensed under the International Insurance and Takaful Order, 2002 (S 43/02); {b} any finance company licensed under the Finance Companies Act; (c) any person licensed under the Registered Agents and Trustees Licensing Order, 2000 (S 54/00), the Mutual Funds Order, 2001 (S 18/01), the Securities Order, 2001 (S 31/01) or the International Insurance and Takaful Order, 2002 (S 43/02); {d} any person licensed to carry on any money-changing business or remittance business under the Money-Changing and Remittance Businesses Act; (e) such other person licensed, approved or regulated by the Authority under any written law;