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Borneo Bulletin Yearbook 2023
BDCB primarily aims to
achieve and maintain
domestic price
stability; ensure the
stability of the financial
system through
financial regulations
and prudential
standards; assist in
the establishment and
functioning of effective
payment systems
and subsequently, to
oversee them; as well as
to foster and develop a
sound financial services
sector.
In line with efforts to improve the
supervisory
regime,
BDCB
has
also issued a Notice that provides
requirements
for
insurance
intermediaries. This will ensure that
business will be conducted in a
professional and transparent manner.
Despite the challenges posed by
the pandemic, BDCB continued to
deliver and uphold its mandate in
ensuring the smooth functioning of
its national Payment and Settlement
systems, consisting of the Real-Time
Gross Settlement System (RTGS), the
Automated Clearing House (ACH)
System and the Central Securities
Depository (CSD) System.
BDCB has also revised the Retail
Payment Return (RPR) template, which
will help enhance the adoption of
technology and understand customer
behaviour, thus further fostering growth
and innovation in the retail banking
sector.
To guard the financial sector against
money laundering and terrorism
financing, BDCB conducted offsite
examinations - done as opposed to
onsite due to the COVID-19 pandemic
– to review internal control processes of
financial institutions based on desktop
review and analysis of documents
provided or published by the financial
institutions or Designated Non-
Financial Business and Professions such
as policies and procedures documents,
audit reports and responses to AML/
CFT questionnaires.
BDCB has also compiled an Alert List
to inform customers of the dangers
and risks associated with financial
companies that are not authorised
and approved from regulations
administered under BDCB.