Islamic Banking Act · s 58

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

58.
Banking confidentiality
(1) Customer information shall not, in any way, be disclosed by an
Islamic bank in Brunei Darussalam or any of its officers to any other person except as expressly provided in this Act.
(2) An Islamic bank in Brunei Darussalam or any of its officers may, for such purposes as may be specified in column 1 of Schedule 3 disclose customer information to such persons or class of person as may be specified in column 2 of Schedule 3, and in compliance with such conditions as may be specified in column 3 of Schedule 3.
(3) Where customer information is likely to be disclosed in any proceedings referred to in item 3 or 4 of Part 1 of Schedule 3, the court may, either of its own motion, or on application of any party to the proceedings or the customer to which the customer information relates —
(a) direct that the proceedings be held in camera; and
(b) make such other orders as it may consider necessary to ensure the confidentiality of the customer information.
(4) Where an order has been made by a court under subsection (3), any person who, contrary to such an order, publishes any information that is likely to lead to the identification of any party to the proceedings is guilty of an offence and liable on conviction to a fine not exceeding $150,000.
(5) Any person (including where a person is a body corporate, an officer of the body corporate) who receives customer information referred to in Part 2 of Schedule 3 shall not, at any time, disclose the customer information or any part thereof to any other person, except as authorised under that Schedule or if required to do so by an order of the court.
(6) Any person who contravenes subsection (1) or (5) is guilty of an offence and liable on conviction to fine not exceeding $150,000, imprisonment for a term not exceeding 3 years or both.

Islamic Banking 70
(7) In this section and in Schedule 3, unless the context otherwise requires —
(a) where disclosure of customer information is authorised under
Schedule 3 to be made to any person which is a body corporate, customer information may be disclosed to such officers of the body corporate as may be necessary for the purpose for which the disclosure is authorised under Schedule 3; and
(b) the obligation of any officer or other person who receives customer information referred to in Part 2 of Schedule 3 shall continue after the termination or cessation of his appointment, employment, engagement or other capacity or office in which he had received customer information.
(8) For the avoidance of doubt, nothing in this section shall be construed to prevent an Islamic bank from entering into an express agreement with a customer of that Islamic bank for a higher degree of confidentiality than that prescribed in this section and in Schedule 3.
(9) Where, in the course of an inspection under section 53 or an investigation under section 54 or the carrying out of the Authority’s function of supervising the financial condition of any Islamic bank, the Authority incidentally obtains customer information and such information is not necessary for the supervision or regulation of the Islamic bank by the
Authority, then, such information shall be treated as confidential by the
Authority.
(10) This section and Schedule 3 also apply, with such modifications as may be prescribed by the Authority, to any licence granted under section 23.
Action by Authority if Islamic bank cannot meet its obligations
[S 110/2010]

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 58Banking confidentiality

(1)

Customer information shall not, in any way, be disclosed by an

Islamic bank in Brunei Darussalam or any of its officers to any other person except as expressly provided in this Act.

(2)

An Islamic bank in Brunei Darussalam or any of its officers may, for such purposes as may be specified in column 1 of Schedule 3 disclose customer information to such persons or class of person as may be specified in column 2 of Schedule 3, and in compliance with such conditions as may be specified in column 3 of Schedule 3.

(3)

Where customer information is likely to be disclosed in any proceedings referred to in item 3 or 4 of Part 1 of Schedule 3, the court may, either of its own motion, or on application of any party to the proceedings or the customer to which the customer information relates —

(a)

direct that the proceedings be held in camera; and

(b)

make such other orders as it may consider necessary to ensure the confidentiality of the customer information.

(4)

Where an order has been made by a court under subsection (3), any person who, contrary to such an order, publishes any information that is likely to lead to the identification of any party to the proceedings is guilty of an offence and liable on conviction to a fine not exceeding $150,000.

(5)

Any person (including where a person is a body corporate, an officer of the body corporate) who receives customer information referred to in Part 2 of Schedule 3 shall not, at any time, disclose the customer information or any part thereof to any other person, except as authorised under that Schedule or if required to do so by an order of the court.

(6)

Any person who contravenes subsection (1) or (5) is guilty of an offence and liable on conviction to fine not exceeding $150,000, imprisonment for a term not exceeding 3 years or both.

Islamic Banking 70

(7)

In this section and in Schedule 3, unless the context otherwise requires —

(a)

where disclosure of customer information is authorised under

Schedule 3 to be made to any person which is a body corporate, customer information may be disclosed to such officers of the body corporate as may be necessary for the purpose for which the disclosure is authorised under Schedule 3; and

(b)

the obligation of any officer or other person who receives customer information referred to in Part 2 of Schedule 3 shall continue after the termination or cessation of his appointment, employment, engagement or other capacity or office in which he had received customer information.

(8)

For the avoidance of doubt, nothing in this section shall be construed to prevent an Islamic bank from entering into an express agreement with a customer of that Islamic bank for a higher degree of confidentiality than that prescribed in this section and in Schedule 3.

(9)

Where, in the course of an inspection under section 53 or an investigation under section 54 or the carrying out of the Authority’s function of supervising the financial condition of any Islamic bank, the Authority incidentally obtains customer information and such information is not necessary for the supervision or regulation of the Islamic bank by the

Authority, then, such information shall be treated as confidential by the

Authority.

(10)

This section and Schedule 3 also apply, with such modifications as may be prescribed by the Authority, to any licence granted under section 23.

Action by Authority if Islamic bank cannot meet its obligations

[S 110/2010]