Enforcement
As the regulator of the financial services industry, BDCB has the authority to take regulatory and enforcement actions against its licensees to address breaches of laws and regulations within its jurisdiction.
Through these enforcement tools, BDCB ensures that financial institutions operate responsibly and in accordance with the law, thereby safeguarding consumers’ interests and maintaining overall financial stability.
Enforcement actions play a vital role in promoting compliance, maintaining discipline in the financial sector, and reinforcing public confidence in Brunei Darussalam’s financial system.
The following outlines the types of enforcement actions that BDCB may undertake.
Supervisory Letters
Formal communications to financial institutions highlighting observed issues and requesting corrective measures.
Warning Letters
Official notices issued to address more serious non-compliance, signaling the need for immediate remedial action.
Directives
Binding instructions requiring financial institutions to take specific actions within a set timeframe.
Revocation or Cancellation of Licence/Registration
Withdrawal of the legal authority to operate as a financial institution.
Removal of Directors or Senior Management
Action to remove individuals from positions of authority when deemed necessary to protect the integrity of the institution.
Prohibition Orders
Restrictions preventing individuals from holding certain positions or performing specific functions within the financial sector.
Composition of Offences
Imposition of financial penalties as an alternative to prosecution for certain regulatory breaches.
Prosecution
Legal action initiated against individuals or entities for serious breaches of applicable laws and regulations.