Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · General
54. Offences by officers
Official textFrom Attorney General's Chambers, unchanged
Any person, being an officer of —
a participant, an operator or a settlement institution of a payment system; or
an issuer of a payment instrument, who fails to take all reasonable steps to secure —
compliance by the participant, operator, settlement institution or issuer, as the case may be, with any provision of this Act; or
the accuracy and correctness of any information provided by the participant, operator, settlement institution or issuer, as the case may be, to the Authority under this Act, is guilty of an offence and liable on conviction to a fine not exceeding
$100,000, imprisonment for a term not exceeding 2 years or both.
In any proceedings against an officer under subsection (1), it shall be a defence for the defendant to prove that he had reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of this Act, or with the duty of ensuring that the information was accurate, as the case may be, and that that person was competent, and in a position, to discharge that duty.
Payment and Settlement Systems
(Oversight)
An officer shall not be sentenced to imprisonment for any offence under subsection (1) unless, in the opinion of the court trying the offence, he committed the offence wilfully.
Terms defined in this Act
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
issuer
Defined · s 2“issuer” means any person, acting alone or under an arrangement with another person, who undertakes to be responsible for the payment obligation in respect of a payment instrument resulting from the user being issued with or using the payment instrument;
operator
Defined · s 2“operator”, in relation to a payment system, means a person who operates the payment system;
participant
Defined · s 2“participant”, in relation to a payment system, means any person who is recognised in the rules of the payment system or otherwise recognised as being eligible to settle payments through the payment system with other participants;
payment instrument
Defined · s 2“payment instrument” means any instrument, whether tangible or intangible, that enables a person to obtain money, goods or services or to otherwise make payment;
payment system
Defined · s 2“payment system” means a funds transfer system or other system that facilitates the circulation of money, and includes any instruments and procedures that relate to the system;
settlement institution
Defined · s 2“settlement institution” means a person who provides facilities for — (a) the participants of a payment system to hold funds; and (b) the settling of transactions between the participants;