Section 3
of International Banking Order, 2000
Section 3
(1)
Subject to Part VI no person shall provide, carry on, or purport to carry on, in or from within Brunei Darussalam, whether or not such business is carried on, or purports to be carried on, within or outside Brunei Darussalam, international banking business unless –
(a)
he holds for the time being a valid licence granted by the Authority under this Order authorising him to carry on such business; or
(b)
he is an exempt person under section 34(1); or
(c)
the business is an exempt activity under section 34(1).
(2)
Without prejudice to the generality of subsection (1) and in addition to the prohibition set out there, no person other than a licensee shall, without the written consent of the Authority –
Incorporating amendments until S 1/2016
(Cleancopy) NANI/Bb_as of 08.05.2019
NOTE: Amendment on P1S1 and P45S2 [24.04.2019]; P3S1, P1S2, P10S2, P11S2, P16S2-P18S2P28S2, P31S2, P34S2, P35S2, P39S2,
7
BLUV as at 14th January 2016
(a)
use any word, either in English or in any other language, in the name, description or title under which such person carried on business in or from within Brunei Darussalam or otherwise that, in the opinion of the
Authority, connotes the business of international banking business as described in Order; or
(b)
make or continue to make any representation in any billhead, circular, letter, letterhead, paper, notice, advertisement or in any other manner that is likely to suggest that such person is licensed to carry on the business of international banking business as described in this Order.
(3)
Any person who contravenes subsection (1) shall be guilty of an offence and liable on conviction to a fine not exceeding one hundred thousand dollars and to imprisonment for a term not exceeding eighteen months and, in the case of a continuing offence, to a further fine not exceeding one thousand dollars for every day on which the offence continues after conviction.
Application for a licence.