Notice on Reporting of Fraud Incidents for Banks (Notice No.Bu/N-3/2022/74 - Amendment No 1)

The Brunei Darussalam Central Bank (BDCB) has issued Amendment No. 1 to its Notice on Reporting of Fraud Incidents for Banks, effective 30 September 2026. This amendment reinforces the requirement for banks to report fraud incidents to the Authority, including specific definitions such as ATM skimming. For compliance teams, this means ensuring robust reporting mechanisms are in place, using authorised communication channels agreed with BDCB.

Banks must also designate Key Responsible Persons accountable for oversight. The notice applies to all banks licensed under the Banking Act, Chapter 95. Actionable insights: Review and update fraud incident reporting policies to align with the amended definitions and requirements.

Implement training for staff on identifying and reporting fraud incidents, particularly ATM skimming. Establish clear escalation paths to the Financial Intelligence Unit as needed. Given the immediate effect, prioritise compliance to avoid regulatory scrutiny.

While the amendment is straightforward, it underscores the growing focus on financial crime and the need for agile reporting frameworks. Banks should consider leveraging RegTech solutions to automate fraud detection and reporting, enhancing efficiency and accuracy. This can also serve as a competitive advantage in demonstrating strong governance.