Section 8
of International Banking Order, 2000
Section 8
(1)
In granting a licence, the Authority may impose such conditions as he thinks fit.
(2)
It shall be a condition of every licence –
(a)
that the Authority shall continue to be satisfied as to the matters in section 5;
(b)
that the licensee shall obtain the written consent of the Authority in writing of any change in the licensee’s place of business or of any director or manager respectively resident in Brunei Darussalam and directing or managing the business, as mentioned in section 5(2)(d);
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,
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BLUV as at 14th January 2016
(c)
that the licensee will not open any account for any person without first conducting due diligence in respect of persons with whom the licensee is dealing and satisfying itself on a best endeavours basis that funds received or to be received are clear funds originating from a reputable source;
(d)
that, in carrying on its business, the licensee will at all times maintain within Brunei Darussalam adequate accounting and other records of its business and adequate systems of control of its business and records;
and
(e)
that the licensee will comply with such requirements as may be prescribed with respect to such matters as the Authority may from time to time consider to be appropriate for the purposes of this Order.
(3)
Every undertaking given pursuant to section 4(1)(e) shall be deemed to be a condition of the licence to which it refers.
(4)
The Authority may at any time vary or revoke any conditions of a licence imposed under subsection (1) or impose conditions or additional conditions thereon.
(5)
Prior to taking action under subsection (4), the Authority shall notify this intention to take action to the licensee concerned and shall give the licensee an opportunity to submit with in such period, being not less than fourteen days, as may be specified in the notification reasons why the conditions of the licence should not be so varied or revoked or, as the case may be, why conditions or additional conditions should not be so imposed.
(6)
A licensee which is aggrieved by any action taken by the Authority under subsection (4) may appeal to the High Court against the variation, revocation or, as the case may be, the imposition of the conditions or additional conditions.
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,
14
BLUV as at 14th January 2016
(7)
A licensee which fails to comply with any of the conditions of its licence shall be guilty of an offence and liable on conviction to a fine not exceeding fifty thousand dollars and, in the case of a continuing offence, to a further fine of not exceeding one thousand dollars for every day on which the offence continues after conviction.
Notice of change of relevant particulars.