MONEY SERVICES BUSINESS ACT 2011
(1) This Act may be cited as the Money Services Business Act 2011 .
(2) This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette .
(3) This Act shall not apply to a licensed bank.
[(3) Am. by Act A1711/2024]
In this Act, unless the context otherwise requires-
"accounts" includes records of any financial transactions of licensees;
"repealed Act" means the Money-Changing Act 1998 [Act 577] ;
"unsafe and unsound practices" means any practice or conduct by a licensee or a money services business agent which creates the likelihood of insolvency, loss or dissipation of the assets of the licensee or the money services business agent, or is otherwise detrimental to the interest of its customers or the public;
"Bank" means the Central Bank of Malaysia; "licensed bank" means-
(a) a licensed bank under the Financial Services Act 2013 [Act 758] ; or
(b) a licensed Islamic bank under the Islamic
3 PART I PRELIMINARY-3. Functions, powers and duties of the Bank.
(1) The Bank shall have all the functions and powers conferred, and the duties imposed on it by this Act, and the same shall be in addition to those conferred or imposed under the Central Bank of Malaysia Act 2009 [Act 701] .
(2) For the purpose of this Act, the Governor shall perform the functions of the Bank on its behalf.
(3) The Bank may authorize an employee or an officer of the Bank or any other person to perform any or all of the functions, exercise any of the powers or discharge any of the duties of the Bank under this Act.
4 PART II LICENSING-4. Prohibition from carrying on money services business.
(1) No person shall carry on money services business without a licence issued under this Act.
(2) Subsection (1) shall not apply to a money services business agent.
(3) The Bank may prescribe different classes, categories or descriptions of licence in respect of money services business.
(4) Any person who contravenes subsection (1) commits an offence and on conviction, shall be punished with imprisonment for a term not exceeding ten years and a fine of not less than fifty thousand ringgit but not exceeding five million ringgit.
[(4) Am. by Act A1711/2024]
5 PART II LICENSING-5. Application for licence.
(1) An application for a licence to carry on money services business shall be made in writing to the Bank by an applicant-
(a) in such form and manner together with such documents as the Bank may specify; and
(b) by submitting such information as the Bank may prescribe.
(2) No person shall apply for a licence to carry on money services business unless it is a company.
(3) The Bank may, by written notice, require the applicant or any person who is or is to be a director, controller or chief executive officer of the applicant to provide additional information or documents.
(4) If any additional information or document required under subsection (3) is not provided by the applicant or its director, controller or chief executive officer, as the case may be, within the period specified in the written notice or any extended period granted by the Bank, the application shall be
6 PART II LICENSING-6. Requirements for a licence.
(1) An applicant for a licence to carry on money services business shall comply with the following requirements:
(a) every person who is, or is to be, a substantial shareholder, director, controller, chief executive officer, or manager of the applicant has fulfilled the minimum criteria of a "fit and proper" person as the Bank may prescribe;
(b) the applicant has a sound business plan;
(c) the applicant has appropriate, sound and adequate governance arrangements, internal control mechanisms and procedures to manage the operations of the intended money services business activities;
(d) the applicant has appropriate, sound and adequate internal control mechanisms and compliance programmes to comply with the requirements of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 [Act 613] and other statutory obligations to which the applicant is or will be su
7 PART II LICENSING-7. Grant or refusal of licence.
(1) The Bank may, after considering the application for a licence under section 5 and being satisfied that all the requirements under subsection 6(1) have been complied with and all matters under subsection 6(3) have been taken into account, grant a licence or refuse to grant the licence.
(2) The Bank may impose such conditions as it considers appropriate in granting a licence.
(3) The duration of a licence shall be for a period as the Bank may prescribe.
(4) A licensee who fails to comply with any condition imposed under subsection (2) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding ten years or to both.
8 PART II LICENSING-8. Fees.
(1) A licensee shall pay to the Bank-
(a) an annual fee for each of its offices; and
(b) such other fees as the Bank may prescribe relating to its money services business, of such amount and in such manner as the Bank may prescribe.
(2) There shall be no refund of any annual fee or other fees paid under subsection (1) by the Bank to any person in the event a licence is revoked, or not renewed by the Bank, or surrendered to the Bank, before the expiry of the licence.
9 PART II LICENSING-9. Renewal of licence.
(1) An application by a licensee for renewal of its licence shall be made in writing to the Bank-
(a) in such form and manner together with such documents as the Bank may specify; and
(b) by submitting such information as the Bank may prescribe.
(2) The Bank may, by written notice, require the licensee or a director, controller or chief executive officer of the licensee to provide additional information or documents.
(3) The Bank may, after considering the application for renewal of licence under subsection (1)-
(a) renew the licence, with or without conditions; or
(b) refuse to renew the licence.
(4) The Bank may refuse the application for renewal of a licence made under this section if-
(a) the application is received by the Bank after the expiry of the licence;
(b)
10 PART II LICENSING-10. Conditions of licence.
(1) Notwithstanding any other provisions of this Act, the Bank may, at any time-
(a) amend or revoke any condition imposed under this Act; or
(b) impose a limit on any condition imposed under this Act so as to expire on a specified date.
(2) Notwithstanding any other provisions of this Act, the Bank may, at any time, impose any new conditions on a licence.
(3) A licensee who fails to comply with any condition imposed under subsection (2) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding ten years or to both.
11 PART II LICENSING-11. Display of licence.
(1) Every licensee shall display in a conspicuous position-
(a) its licence at its principal place of business; and
(b) a copy of its licence at each of its other offices.
(2) Subsection (1) shall not apply to an electronic terminal.
(3) A licensee who contravenes subsection (1) commits an offence.
12 PART II LICENSING-12. Revocation of licence.
(1) The Bank may revoke a licence if it is satisfied that-
(a) the licensee, its chief executive officer, or any of its shareholders, controllers, directors, or managers, has been convicted of-
(i) an offence under the Central Bank of Malaysia Act 2009, the Banking and Financial Institutions Act 1989 [Act 372] , the Islamic Banking Act 1983 [Act 276] , the Insurance Act 1996 [Act 553] , the Takaful Act 1984 [Act 312] , the Exchange Control Act 1953 [Act 17] , the Payment Systems Act 2003 [Act 627] , the Development Financial Institutions Act 2002 [Act 618] , the Financial Services Act 2013, the Islamic Financial Services Act 2013, the Currency Act 2020 [Act 827] or any other written law administered by the Bank;
(ii) an offence under the Companies Act 1965 or the Companies Act 2016; or
(iii) any offence involving fraud, di
13 PART II LICENSING-13. Appeal against revocation of licence.
(1) A person whose licence has been revoked may, within fourteen days of the date of the written notice in subsection 12(4) or (5) or within such extended period as the Bank may allow, appeal in writing against the revocation to the Minister whose decision shall be final.
(2) Every appeal under subsection (1) shall be submitted to the Bank and the Bank shall forward the written appeal to the Minister together with the Bank's recommendation as to whether the appeal ought to be allowed or dismissed.
14 PART II LICENSING-14. Licence to be forwarded to the Bank.
(1) A licensee shall forward the licence to the Bank within fourteen days from-
(a) the date of the expiry of the licence;
(b) the date the refusal to renew the licence takes effect under subsection 9(10); or
(c) the date the revocation of the licence takes effect under subsection 12(6), as the case may be.
(2) A licensee who contravenes subsection (1) commits an offence.
15 PART II LICENSING-15. Effect of expiry, non-renewal, revocation or surrender of licence.
(1) A licensee shall, immediately or within such period as the Bank may specify, cease to carry on the money services business in respect of which the licence was granted if-
(a) the licence has expired;
(b) the refusal to renew the licence has taken effect under subsection 9(10);
(c) revocation of the licence has taken effect under subsection 12(6); or
(d) surrender of the licence has taken effect under section 16.
(2) A licensee who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding ten years or to both.
(3) A licensee whose licence has been revoked or not renewed under this Act shall not have any claim whatsoever against the Bank or be entitled to compensation from the Bank for any damage or loss suffered by or caused to t
16 PART II LICENSING-16. Surrender of licence.
(1) A licensee proposing to surrender its licence shall give the Bank written notice informing the Bank of the proposed surrender of the licence, reasons for the surrender and the date on which the surrender is to take effect.
(2) The licensee shall forward the licence to the Bank within fourteen days from the date on which the surrender is to take effect.
17 PART II LICENSING-17. Preservation of rights and claims.
Any revocation, expiry, non-renewal or surrender of a licence under this Act shall not operate so as to-
(a) affect any agreement, transaction or arrangement relating to the money services business, as the case may be, entered into by-
(i) a person prior to the revocation, expiry, non-renewal or surrender of the licence; or
(ii) a licensee prior to such revocation, expiry, non-renewal or surrender of the licence, as the case may be; or
(b) affect any right, claim, obligation or liability arising under any such agreement, transaction or arrangement.
18 PART II LICENSING-18. Approval for change in name of licensee.
(1) No licensee shall effect any change in its name without the prior written approval of the Bank.
(2) A licensee who contravenes subsection (1) commits an offence.
19 PART II LICENSING-19. Restriction of business.
(1) Except with the prior written approval of the Bank, a licensee shall not carry on any business activity other than a money services business activity for which it is licensed under this Act.
(2) Without prejudice to the generality of subsection (1), a licensee shall only carry on a money services business activity for which it is licensed under this Act.
(3) A licensee who contravenes subsection (1) or (2) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding ten years or to both.
20 PART II LICENSING-20. Publication of list of licensees.
(1) The Bank shall publish in the Gazette a list of licensees not later than on 30 April in each year.
(2) Where there is any amendment to the list of licensees under subsection (1) at any time during the interval between one publication and the next following publication under subsection (1), the Bank shall cause to be published in the Gazette a notice thereof.
(3) Without prejudice to subsection (1), the Bank may publish the list of licensees or any amendments to the list in such form and manner as the Bank thinks fit.
21 PART III MONEY SERVICES BUSINESS-21. Office of licensee.
(1) No licensee shall open or relocate an office in Malaysia without the prior written approval of the Bank.
(2) A licensee shall apply in writing for the written approval of the Bank under subsection (1)-
(a) in such form and manner together with such documents as the Bank may specify; and
(b) by submitting such information as the Bank may prescribe.
(3) The Bank, in granting its approval under subsection (1), may impose such conditions as it thinks fit.
(4) A licensee who contravenes subsection (1) or fails to comply with any condition imposed under subsection (3) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding ten years or to both.
22 PART III MONEY SERVICES BUSINESS-22. Maintenance of capital.
(1) A licensee shall maintain, at all times, minimum capital funds as the Minister, on the recommendation of the Bank, may prescribe.
(2) Notwithstanding subsection (1), the Bank may direct a licensee in writing to increase the minimum capital funds of such licensee within such time as the Bank may require if in the opinion of the Bank the increase is appropriate based on an evaluation of the financial condition, risk exposure, internal control mechanisms or risk-management process of the licensee and the licensee shall maintain such capital funds at all times.
(3) A licensee who contravenes subsection (1) or (2) commits an offence.
23 PART III MONEY SERVICES BUSINESS-23. Use of words "money services business", etc .
(1) No person shall, without the prior written approval of the Bank, use the words "money services business", "money-changer", "currency exchange", "money exchange", "forex dealer", "foreign exchange", "bureau de change", "remittance services", "money transfer", "money remit", "funds transfer", "foreign currency wholesale dealer" or any of their derivatives in any language, or any other words in any language capable of being construed as indicating the carrying on of money services business, in relation to its business, or in the name, description or title under which it carries on business or make any representation to such effect in any bill head, letter, notice or advertisement or in any other manner.
(2) Subsection (1) shall not apply to a licensee, a money services business agentand an association of employees of licensees for money services business.
[(2) Am. by Act A1711/2024]
(3) Any person who con
24 PART III MONEY SERVICES BUSINESS-24. Name to be affixed outside office.
(1) A licensee shall at all times affix or paint, conspicuously and legibly, on the outside of each of its offices-
(a) its name; and
(b) in the case of a licensee who carries on money services business, in the national language the words "Perniagaan Perkhidmatan Wang Berlesen"; or
(c) in the case of a licensee who carries on currency exchange business, remittance business or wholesale currency business as a sole purpose business under section 19, in the national language the words "Pengurup Wang", "Pengirim Wang" or "Peniaga Mata Wang Borong", as the case may be.
[Am. by Act A1711/2024]
(2) A licensee shall display its name and the nature of its business in accordance with subsection (1) for any dealing carried out through any electronic means or mobile services.
(3) A licensee who contravenes subsection (1) or (2) commits an of
25 PART III MONEY SERVICES BUSINESS-25. Advertisement.
(1) No person, other than a licensee or a money services business agent, shall issue or publish, or otherwise facilitate any person to issue or publish, an advertisement containing-
(a) an invitation or offer to enter into any transaction relating to money services business; or
(b) information which may lead, directly or indirectly, to a transaction relating to money services business. Provided that the prohibition in this subsection shall not apply to the publication by any person of any such advertisement for or on behalf of a licensee or a money services business agent.
(2) No person shall issue, publish, or otherwise facilitate any person to issue or publish an advertisement relating to money services business which he knows to be misleading, false or deceptive in a material particular.
(3) Any person who contravenes subsection (1) or (2) commits an offence and shall, on c
26 PART III MONEY SERVICES BUSINESS-26. Transparency in dealings.
(1) A licensee shall provide adequate disclosure to its customers on its products or services and any other information relating to such products or services as the Bank may prescribe, prior to the execution of any money services business transaction with its customers.
(2) A licensee who contravenes subsection (1) commits an offence.
27 PART III MONEY SERVICES BUSINESS-27. Licensee to issue receipt.
(1) A licensee shall, upon completing any transaction relating to its money services business, issue a receipt to its customers in such form and manner as the Bank may prescribe.
(2) A licensee who contravenes subsection (1) commits an offence.
28 PART III MONEY SERVICES BUSINESS-28. Maintenance of records by licensee.
(1) A licensee shall maintain all accounts, duplicate copies of receipts and other records, including any information and documents for each transaction of its money services business, in such manner as to enable the reconstruction of any of the transactions and to ensure the convenient audit of the accounts, receipts and records for a period of not less than seven years from the date of the execution, completion or termination of the transaction, as the case may be.
(2) A licensee who contravenes subsection (1) commits an offence.
29 PART III MONEY SERVICES BUSINESS-29. Sale, leasing, etc, of money services business.
(1) No licensee shall, without the prior written approval of the Bank-
(a) sell, dispose, lease, assign or transfer howsoever, the whole or any part of its money services business to; or
(b) amalgamate or merge its money services business with, any other person.
(2) A licensee who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding ten years or to both.
30 PART III MONEY SERVICES BUSINESS-30. Appointment of director, chief executive officer or manager.
(1) No licensee shall appoint a person as a director or chief executive officer unless such person fulfils the minimum criteria of a "fit and proper" person as the Bank may prescribe and the licensee has obtained the prior written approval of the Bank for the proposed appointment.
(2) A licensee shall apply in writing for the written approval of the Bank under subsection (1)-
(a) in such form and manner together with such documents as the Bank may specify; and
(b) by submitting such information as the Bank may prescribe.
(3) No licensee shall appoint a person as a manager unless such person fulfils the minimum criteria of a "fit and proper" person as the Bank may prescribe.
(4) No person shall accept the appointment as a director, chief executive officer or manager of a licensee if such person fails to fulfil the minimum criteria of a "fit and proper" person as the Ban
31 PART III MONEY SERVICES BUSINESS-31. Appointment of auditor.
(1) A licensee, at its own expense, shall appoint annually an auditor who fulfils the requirements as the Bank may prescribe, to carry out an audit of its money services business.
(2) A licensee shall notify the Bank in writing of-
(a) the appointment of an auditor under subsection (1); and
(b) the termination of the appointment of an auditor appointed under subsection (1) and the reasons for such termination, and such notification shall be made to the Bank within fourteen days of such appointment or termination, as the case may be.
(3) Where an auditor appointed by a licensee under subsection (1) fails to fulfil the requirements as the Bank may prescribe under that subsection during the tenure of his appointment, he shall immediately cease to be the auditor of the licensee and inform such fact to the licensee, and the licensee concerned shall immediately terminate the appoint
32 PART III MONEY SERVICES BUSINESS-32. Shareholders of licensee.
(1) A licensee shall not allow any of its shares to be acquired by any person unless such person fulfils the minimum criteria of a "fit and proper" person as the Bank may prescribe.
(2) A licensee shall obtain the prior written approval of the Bank for any new substantial shareholder.
(3) The Bank shall have full discretion to determine whether a person has fulfilled the minimum criteria of a "fit and proper" person under subsection (1).
(4) Where any shareholder fails to fulfil the minimum criteria of a "fit and proper" person as the Bank may prescribe during the course of the money services business, the licensee shall inform the Bank in writing of such fact as soon as possible and the shareholder shall dispose of his shareholding in the licensee as soon as possible.
(5) For the purposes of this section-
(a) "shareholder" includes any person acting in concert with the shareholder; and
33 PART III MONEY SERVICES BUSINESS-33. Effecting change in shareholding structure.
(1) Subject to subsection (2), a licensee shall notify the Bank in writing of any change in its shareholders and shareholding structure not later than fourteen days after the changes become effective.
(2) A licensee shall not effect a change in its shareholders and shareholding structure where the change would result in the change of control of its money services business without the prior written approval of the Bank.
(3) The Bank may, at any time after receiving an application under subsection (2), require the licensee to provide additional information or documents as the Bank may require.
(4) A licensee who contravenes subsection (1) or (2) commits an offence.
34 PART III MONEY SERVICES BUSINESS-34. Submission of information or documents.
(1) Every licensee shall submit to the Bank, or to such person as the Bank may authorize in writing, such returns, documents or information, and within such time, as the Bank may require.
(2) Notwithstanding subsection (1), the Bank may require any person to submit any information as the Bank may specify.
(3) A licensee who contravenes subsection (1) or any person who fails to comply with any requirement specified under subsection (2) commits an offence.
35 PART III MONEY SERVICES BUSINESS-35. Submission of false information.
Any person who-
(a) evades the provisions of this Act by altering, forging, destroying, mutilating, defacing, concealing, removing or by not submitting, any documents; or
(b) furnishes any information required under any of the provisions of this Act which is false, inaccurate, misleading or contains material errors or omissions, commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding ten years or to both.
36 PART III MONEY SERVICES BUSINESS-36. Operational and governance arrangements.
(1) A licensee shall institute and maintain-
(a) internal control mechanisms, which include risk management arrangements, accounting procedures and security measures, to ensure the safety and integrity of its money services business;
(b) governance arrangements which are effective, accountable and transparent to ensure the continued integrity of its money services business operations, and
(c) adequate procedures to ensure compliance with the Anti-Money Laundering and Anti-Terrorism Act 2001 and other written laws, as the Bank may prescribe.
[Section 36(1)(c) made reference to Anti-Money Laundering and Anti-Terrorism Act 2001 - Editor]
(2) A licensee who contravenes subsection (1) commits an offence.
37 PART IV REMITTANCE BUSINESS-37. Customers' funds to be kept separately.
(1) A licensee who carries on remittance business shall maintain a designated account at a licensed bank for the purpose of remittance business with its customers.
(2) A licensee who is carrying on remittance business shall deposit all moneys received from its customers for the purpose of remittance business into the account referred to in subsection (1) and such deposits shall be made no later than the next business day following the business day on which the moneys were received by the licensee.
(3) A licensee shall not withdraw or utilise moneys from an account maintained under subsection (1) except-
(a) money that has been paid into the account by the licensee for the purposes of opening or maintaining the account;
(b) money properly required for making remittance to or on behalf of a customer;
(c) money properly required for payment of the fees or charges of a licensee
38 PART IV REMITTANCE BUSINESS-38. Certificate of closure.
(1) A person who has ceased to carry on remittance business arising from the expiry, non-renewal, revocation or surrender of its licence under this Act shall submit a certificate of closure, issued by an auditor, to the Bank within sixty days after the cessation of business.
(2) The auditor referred to in subsection (1) may be an auditor appointed under subsection 31(1) or any other auditor appointed by a licensee who fulfils the requirements as the Bank may prescribe under that subsection.
(3) The certificate of closure issued by the auditor under subsection (1) shall confirm that a person who has ceased to carry on remittance business under subsection (1) has successfully remitted all funds received from customers prior to the cessation of business of a licensee to the intended beneficiaries and that contingency arrangements or measures have been taken to ensurethat where the funds have not been successfully delivered, the funds have
39 PART IV REMITTANCE BUSINESS-39. Operational requirements.
(1) A licensee who carries on remittance business shall comply with-
(a) the maximum remittance transaction limit;
(b) the time frame for outward remittance instructions for disbursement of funds to be conveyed to its correspondent agent;
(c) the time frame for inward remittance funds to be made available for collection or delivered to the beneficiary; and
(d) any other requirements, as the Bank may prescribe.
(2) A licensee who contravenes subsection (1) commits an offence.
40 PART IV REMITTANCE BUSINESS-40. Use of remittance system by a licensee who carries on remittance business.
(1) No licensee who carries on remittance business shall utilise a remittance system, whether its own system or a system of a third party, without the prior written approval of the Bank.
(2) The remittance system under subsection (1) shall meet the minimum requirements as the Bank may prescribe.
(3) The Bank, in granting its approval under subsection (1), may impose such conditions as it thinks fit and such conditions shall be complied with by the licensee.
(4) A licensee who contravenes subsection (1) or (3) commits an offence.
41 PART IV REMITTANCE BUSINESS-41. Revocation of approval granted under subsection 40(1).
(1) The Bank may revoke an approval granted under subsection 40(1) to a licensee who carries on remittance business.
(2) Where the Bank proposes to revoke the approval granted under subsection 40(1), the Bank shall give the licensee a written notice setting out the proposed revocation and the grounds for the revocation.
(3) The licensee shall be given an opportunity to make written representation to the Bank within fourteen days from the date of the written notice.
(4) Where no written representation is received by the Bank within the period specified under subsection (3), the Bank shall revoke the approval by written notice.
(5) Where written representation is received, the Bank, after considering the representation, shall give the licensee written notice of its decision.
(6) A revocation under subsection (4), or a decision to revoke an approval under subsection (5), shall not take effect until the expiration of
42 PART V MONEY SERVICES BUSINESS AGENTS-42. Appointment of money services business agents.
(1) No licensee shall appoint a money services business agent to carry on money services business on its behalf unless the money services business agent fulfils the minimum criteria of a "fit and proper" person as the Bank may prescribe and the licensee has obtained the prior written approval of the Bank for the proposed appointment.
(2) For the purposes of subsection (1), the Bank may prescribe the classes, categories or descriptions of licensees who are eligible to apply to appoint a money services business agent.
(3) A licensee who contravenes subsection (1) commits an offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding ten years or to both.
43 PART V MONEY SERVICES BUSINESS AGENTS-43. Application and grant of approval.
(1) A licensee shall apply in writing for the written approval of the Bank under section 42 to appoint a money services business agent-
(a) in such form and manner and together with such documents as the Bank may specify; and
(b) by submitting such information as the Bank may prescribe.
(2) The Bank may, by written notice, require the licensee to provide additional information or documents.
(3) Without prejudice to subsection (2), the Bank may take into consideration any information in its possession whether provided by the licensee or not.
(4) The Bank may grant an approval to a licensee to appoint money services business agent, with or without conditions, or refuse to grant an approval.
(5) A licensee who fails to comply with any condition imposed under subsection (4) commits an offence.
44 PART V MONEY SERVICES BUSINESS AGENTS-44. Register of money services business agents.
(1) The Bank shall maintain a register of money services business agents approved for appointment under subsection 43(4) in such form and manner as the Bank deems fit.
(2) Any person may, on payment of a fee as the Bank may prescribe, inspect the register of money services business agents maintained under subsection (1) during the office hours of the Bank.
(3) A copy of or an extract from the register of money services business agents maintained under subsection (1) certified to be a true copy or extract under the hand and seal of the Bank shall, in any proceedings, be admissible in evidence as of equal validity as the original document.
45 PART V MONEY SERVICES BUSINESS AGENTS-45. Prohibition from carrying on money services business on behalf of a licensee.
(1) No person shall carry on money services business on behalf of a licensee unless the person is-
(a) a company;
(b) appointed by a licensee under section 43; and
(c) duly registered by the Bank as a money services business agent under section 44.
(2) Any person who contravenes subsection (1) commits an offence and shall on conviction be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding ten years or to both.
46 PART V MONEY SERVICES BUSINESS AGENTS-46. Money services business agents to comply with provisions of this Act, etc .
(1) A money services business agent shall comply with the provisions of this Act and any other requirements as the Bank may prescribe.
(2) A money services business agent who contravenes subsection (1) commits an offence.
(3) Where an offence under this Act has been committed by a money services business agent, the licensee of that agent shall also be guilty of that offence unless the licensee proves to the satisfaction of the court that having regard to all the circumstances the licensee took all reasonable means and precautions to prevent such act or omission.
47 PART V MONEY SERVICES BUSINESS AGENTS-47. Revocation of approval for appointment of money services business agent.
(1) The Bank may revoke the written approval granted under subsection 43(4) for the appointment of a money services business agent if the Bank is satisfied that-
(a) the money services business agent has failed to fulfil the minimum criteria of a "fit and proper" person as the Bank may prescribe at any time during the period of the appointment of such agent;
(b) the money services business agent is contravening or has contravened such provisions of this Act or any other requirements as the Bank may prescribe under subsection 46(1);
(c) the appointment of the money services business agent has been terminated by a licensee; or
(d) the money services business agent has engaged in unsafe and unsound practices in carrying out its money services business.
(2) Where the Bank proposes to revoke the written approval under subsection (1), the Bank shall give th
48 PART VI EXAMINATION-48. Examination of licensee, etc .
An examiner authorized in writing by the Bank shall examine, without any prior written notice, the properties, documents, information, remittance system or transactions of-
(a) a licensee or its money services business agent or any of its offices; or
(b) a money services business agent or any of its offices.
49 PART VI EXAMINATION-49. Examination of specific persons.
(1) In carrying out an examination of any licensee or money services business agent under section 48, the examiner may examine-
(a) a person who is, or was at any time, a director, chief executive officer or employee of that licensee or money services business agent, as the case may be;
(b) a person who is, or was at any time, a controller or shareholder of that licensee or money services business agent, as the case may be; or
(c) a person who is, or was at any time, having dealings, transactions or arrangements with that licensee or money services business agent, or acquainted with the facts and circumstances of the case, including the auditor of that licensee, and that person shall give such document or information as the examiner may require within such time and manner as he may specify.
(2) An auditor who is subject to an examination under this section shall not b
50 PART VI EXAMINATION-50. Right of access and production of property, etc .
(1) For the purposes of an examination under section 48 or 49, a licensee or money services business agent, and its directors, chief executive officers and employees, as the case may be, shall, when under examination-
(a) allow access to all property, apparatus, equipment, machinery, computer, computer output, systems including remittance system, documents or information;
(b) produce all such property, apparatus, equipment, machinery, computer, computer output, systems, documents or information; or
(c) provide the necessary password, encryption code, decryption code, software or hardware or any other means required to access and enable comprehension of any computer output, to an examiner for purposes of the examination within such time and manner as the examiner may require.
(2) Notwithstanding the generality of subsection (1), the examiner under subsection (1) may ta
51 PART VI EXAMINATION-51. Appearance before examiner.
(1) A person to be examined under section 48 or 49 shall appear before the examiner at such time as he may specify.
(2) Any person who contravenes subsection (1) commits an offence.
52 PART VI EXAMINATION-52. Confidentiality of examination reports.
(1) Where a report or any part thereof has been produced in any form in respect of a licensee or money services business agent by the Bank upon an examination under section 48 or 49, the report shall not be disclosed by the licensee or money services business agent or any of its directors, chief executive officers, employees or auditors to any other person except in the circumstances provided under subsection (2).
(2) Disclosure of the report referred to in subsection (1) may be made-
(a) by the licensee or money services business agent, to any of its directors, chief executive officers, employees or auditors solely in connection with the performance of the duties of such person, as the case may be;
(b) by the licensee or money services business agent, in compliance with an order of court; or
(c) by the licensee or money services business agent, to any other person with the prior w
53 PART VII INVESTIGATION AND ENFORCEMENT-53. Appointment of investigating officer.
The Bank may appoint any of its officers or employees or any other person authorized under subsection 3(3) to be an investigating officer.
54 PART VII INVESTIGATION AND ENFORCEMENT-54. Powers of investigating officer.
(1) An investigating officer appointed under section 53 shall have all the powers, functions and duties conferred on an investigating officer under this Part, and where such investigating officer is not an officer or employee of the Bank, he shall, in relation to such powers, functions and duties-
(a) be subject to; and
(b) enjoy such rights, privileges, protection, immunities and indemnities as may be specified in, the provisions of this Act, the Central Bank of Malaysia Act 2009 or any other written law applicable to an officer or employee of the Bank as if he was an officer or employee of the Bank.
(2) An investigating officer shall be subject to the direction and control of the Governor, or of such other officer of the Bank as may be authorized by the Governor to act on his behalf, and of any investigating officer superior to him in rank, and shall exercise his powers, pe
55 PART VII INVESTIGATION AND ENFORCEMENT-55. Search and seizure with warrant.
(1) If it appears to a Magistrate, upon written information on oath and after such inquiry as he considers necessary, that there is reasonable cause to believe that-
(a) any premises have been used or are about to be used for; or
(b) there is in any premises evidence necessary for the conduct of an investigation into, the commission of an offence under this Act, the Magistrate may issue a warrant authorizing an investigating officer named in the warrant, at any reasonable time, by day or by night and with or without assistance, to enter the premises and if need be by force.
(2) A warrant issued under subsection (1) may authorize the investigating officer to-
(a) enter any premises and there search for, seize and detain any property, apparatus, equipment, machinery, computer, computer output, system, document or information;
(b) inspect, m
56 PART VII INVESTIGATION AND ENFORCEMENT-56. Search and seizure without warrant.
If the investigating officer is satisfied upon information received that he has reasonable cause to believe that by reason of delay in obtaining a search warrant under section 55 the investigation would be adversely affected or evidence of the commission of an offence is likely to be tampered with, removed, damaged or destroyed, the investigating officer may enter the premises and exercise in, upon and in respect of the premises all the powers referred to in section 55 in as full and ample a manner as if he was authorized to do so by a warrant issued under that section.
57 PART VII INVESTIGATION AND ENFORCEMENT-57. Power of an investigating officer in the course of investigation.
An investigating officer may seize, take possession of, and detain any property, apparatus, equipment, machinery, computer, computer output, system, document or information produced before him in the course of his investigation.
58 PART VII INVESTIGATION AND ENFORCEMENT-58. Access to data, etc .
An investigating officer shall for the purposes of this Part be provided with the necessary password, encryption code, decryption code, software or hardware or any other means required-
(a) for securing access to any programme or data held in a computer; or
(b) to enable comprehension of any computer output in a form in which the information contained in a computer output can be taken away and in which it is visible and legible.
59 PART VII INVESTIGATION AND ENFORCEMENT-59. Warrant admissible notwithstanding defects.
A search warrant issued under this Act shall be valid and enforceable notwithstanding any defect, mistake or omission in the warrant or in the application for the warrant, and any property, apparatus, equipment, machinery, computer, computer output, system, document or information seized under the warrant shall be admissible in evidence in any proceedings under this Act.
60 PART VII INVESTIGATION AND ENFORCEMENT-60. List of property, etc , seized.
(1) An investigating officer, in the course of his investigation or search, shall-
(a) prepare and sign a list of all property, apparatus, equipment, machinery, computer, computer output, system, document or information seized; and
(b) state in the list the location in which, or the person on whom, the property, apparatus, equipment, machinery, computer, computer output, system, document or information is found or obtained.
(2) The occupant of the premises entered under subsection 55(1) or section 56 in the course of investigation, or any person on his behalf, or where there is no such occupant or such person on his behalf, a police officer, shall in every instance be permitted to attend during the search, sign the search list or affix his thumbprint thereon, and be given a copy of the search list prepared and signed under this section.
(3) Where such occupant, person acting o
61 PART VII INVESTIGATION AND ENFORCEMENT-61. Release of the property, etc , seized.
(1) An investigating officer, unless otherwise ordered by any court, shall-
(a) on the close of investigations or any proceedings arising therefrom; or
(b) with the prior written consent of any officer of the Bank authorized by the Governor to act on his behalf for this purpose, or any investigating officer superior to him in rank, at any time before the close of investigations, release any property, apparatus, equipment, machinery, computer, computer output, system, document or information seized, detained or removed by him, or by any other investigating officer under this Part, to the person from whom the property, apparatus, equipment, machinery, computer, computer output, system, document or information was seized, detained or removed, if he is satisfied that the property, apparatus, equipment, machinery, computer, computer output, system, document or information is not required for the purpose of any
62 PART VII INVESTIGATION AND ENFORCEMENT-62. Obstruction to exercise of powers by an investigating officer.
Any person who-
(a) refuses an investigating officer exercising his powers under this Part, access to any premises or part thereof, or fails to submit to the search of his person;
(b) assaults, obstructs, hinders or delays an investigating officer in effecting an entrance which he is entitled to effect;
(c) fails to comply with any lawful demand of an investigating officer in the execution of his duty under this Part;
(d) refuses to give to an investigating officer any property, apparatus, equipment, machinery, computer, computer output, system, document or information which may reasonably be required of him and which he has in his power to give;
(e) fails to produce to, or conceals or attempts to conceal from, an investigating officer, or destroys, alters or removes, any property, apparatus, equipment, machinery, computer, computer output, system, documen
63 PART VII INVESTIGATION AND ENFORCEMENT-63. Requirement to provide translation.
(1) Where an investigation officer finds, seizes, detains or takes possession of, a document which, wholly or partly, is in a language other than the national language or the English language, or in any sign or code, the investigating officer, orally or in writing, may require the person who had the possession, custody or control of the document, to furnish to the investigating officer a translation in the national language or the English language within such period as he may specify.
(2) Where the person is required to furnish a translation under subsection (1) is not the person under investigation, the Bank may pay him a reasonable fee for the translation.
(3) No person shall knowingly furnish a translation under subsection (1) which is not accurate, faithful and true, or knowingly make a translation under that section which is not accurate, faithful and true.
(4) Any person who contravenes subsection (3) commits an offence.
64 PART VII INVESTIGATION AND ENFORCEMENT-64. Notice to call for examination.
(1) For the purpose of an examination under this Part, any notice that is given shall, if practicable, be served personally on the person specified in such notice.
(2) In the case of a corporation, the notice may be served on the secretary or other like officer of the corporation or on any person who is responsible for the management of the affairs of the corporation.
(3) Where the person specified in a notice given under this section cannot by the exercise of due diligence be found, the notice may be served-
(a) in the case of an individual person, at his residential address by leaving a copy thereof for him with some adult member of his family, with his servant residing with him or with any other adult person occupying the same premises with him; or
(b) in the case of an entity including a licensee or money services business agent, at its registered address or business address, by leaving
65 PART VII INVESTIGATION AND ENFORCEMENT-65. Power to examine person.
(1) Where an investigating officer has reason to suspect that an offence is being or has been committed under this Act, he may, by notice in writing-
(a) order any person to attend before him for the purpose of being examined orally by the investigating officer in relation to any matter which may in the opinion of the investigating officer assist in the investigation into such offence;
(b) order any person to produce before the investigating officer property, apparatus, equipment, machinery, computer, computer output, system, document, information, article or thing which may, in the opinion of the investigating officer assist in the investigation into such offence; or
(c) require any person to furnish a statement in writing made on oath or affirmation setting out therein all such information which may be required under the written notice, being information which, in the opinion of the inve
66 PART VII INVESTIGATION AND ENFORCEMENT-66. Surrender of travel documents.
(1) Notwithstanding any written law to the contrary, an investigating officer may, by written notice, require any person who is the subject of an investigation under this Part, to surrender his travel documents including passport or exit permit in his possession, within such period as specified in the written notice.
(2) A notice under subsection (1) shall be served in the manner provided in section 64.
(3) A person to whom a notice under subsection (1) is served shall comply with such notice, failing which he may be arrestedand taken before a magistrate.
(4) Where a person is taken before a magistrate, unless such person complies with the notice under subsection (1) or satisfies the magistrate that he does not possess a travel document, the magistrate shall by warrant commit such person to prison-
(a) until the expiry of a period of fourteen days from the date of his committal; or
(b)
66A PART VII INVESTIGATION AND ENFORCEMENT-66A. Forfeiture of property upon prosecution for an offence.
(1) All property seized under this Act are liable to forfeiture.
(2) An order for forfeiture or release of any property seized under this Act may be made by the court before which the prosecution for an offence has been held and an order for forfeiture of the property may be made if-
(a) the offence is proved against the accused; and
(b) it is proved to the satisfaction of the court that the property was the subject matter of the offence or was used in the commission of the offence.
(3) The court making an order under subsection (2) may-
(a) direct whether the order is to take effect immediately or at any future date;
(b) direct whether the forfeiture of the property shall be in full or in part;
(c) direct the manner through which the forfeited property shall be disposed of or dealt with; and
(d)
67 PART VII INVESTIGATION AND ENFORCEMENT-67. Assistance to police officer or public authority, etc .
Notwithstanding anything under this Act or any other written law, the Bank, on its own initiative, or at the request of a police officer or any public authority or institution, in the course of any investigation under any law, may allow that police officer, public authority or institution to have access to or a copy of-
(a) a document seized, detained or taken possession of;
(b) a record of examination; or
(c) a written statement on oath or affirmation, under this Act.
68 PART VII INVESTIGATION AND ENFORCEMENT-68. Investigating officer deemed to be public servant and public officer.
An investigating officer shall be deemed to be a public servant for the purposes of the Penal Code [Act 574] , and to be a public officer for the purposes of the Criminal Procedure Code [Act 593] or any other written law which the Minister, on the recommendation of the Bank, may prescribe.
69 PART VII INVESTIGATION AND ENFORCEMENT-69. Seizable offence.
An offence punishable under this Act is a seizable offence, and a police officer not below the rank of Inspector, or an investigating officer appointed under section 53 may arrest without warrant a person whom he reasonably suspects to have committed or is committing such offence.
70 PART VII INVESTIGATION AND ENFORCEMENT-70. Arrested person to be made over to the police.
An investigating officer who makes an arrest under section 69 shall, without unnecessary delay, make over the arrested person to a police officer or, in the absence of a police officer, take such person to the nearest police station, and thereafter the person arrested shall be dealt with according to the law relating to criminal procedure for the time being in force as if he had been arrested by a police officer.
71 PART VII INVESTIGATION AND ENFORCEMENT-71. Agent provocateur.
Notwithstanding any law or rule of law to the contrary, in any proceedings against any person for an offence under this Act-
(a) no agent provocateur, whether he is an officer or employee of the Bank or not, shall be presumed to be an accomplice or be unworthy of credit by reason only of his having attempted to commit or to abet, or having abetted or having been engaged in a criminal conspiracy to commit, such offence if the main purpose of such attempt, abetment or engagement was to secure evidence against such person;
(b) any statement whether oral or in writing made to an agent provocateur by any person, including any person who is subsequently charged with an offence under this Act, shall be admissible in evidence and given due weight and consideration at any trial for an offence under this Act; and
(c) a conviction for any offence under this Act solely on the uncorroborated evidence o
72 PART VII INVESTIGATION AND ENFORCEMENT-72. Specific persons in respect of whom powers of investigation may be exercised.
Without prejudice to the generality of other powers of investigation conferred on an investigating officer under this Part, such powers may be exercised by him-
(a) against-
(i) any past or present business associate of;
(ii) any person who is or was a relative of;
(iii) any person who is, or was at any time, having any dealings or transactions, including auditors of, with;
(iv) any past or present director, chief executive officer, employee or agent of;
(v) any person who is or was concerned with the control or management, in whole or in part of the affairs of; or
(vi) any shareholders or any person who has or had an interest in the shares, or otherwise has or had an interest in the property of, the person suspected to have committed an offence under this Act;
(b) against any business associate or relative of a person referred to i
73 PART VIII OTHER POWERS OF THE BANK-73. Power of the Bank to issue directives.
(1) Where the Bank is of the opinion that-
(a) a licensee or money services business agent-
(i) is carrying on money services business in a manner detrimental to the interests of its customers or the public generally;
(ii) is contravening or has contravened any provision of this Act or any regulations made under this Act;
(iii) has failed to comply with any guidelines, circulars, standards or notices issued by the Bank under section 74, as the case may be; or
(iv) has become or is likely to become unable to meet all or any of its obligations under this Act; or
(b) it is necessary to do so as a result of any examination or investigation under this Act,
The Bank may issue a directive in writing to-
(A) prohibit a licensee or money services business agent from carrying on all or such part of its business as m
74 PART VIII OTHER POWERS OF THE BANK-74. Power of the Bank to issue guidelines, etc .
(1) The Bank may generally in respect of this Act, or in respect of any particular provision of this Act, or generally in respect of the conduct of all or any of the licensees, issue such guidelines, circulars, standards or notices as the Bank may consider desirable.
(2) The Bank may revoke or amend the whole or any part of any guidelines, circulars, standards or notices issued under this section.
(3) A person to whom the guidelines, circulars, standards or notices referred to in subsection (1) apply shall comply with such guidelines, circulars, standards or notices within such period as may be specified by the Bank.
(4) Where a person referred to in subsection (3) contravenes or fails to comply with any guidelines, circulars, standards or notices issued by the Bank, the Bank may take any action as set out in subsection 73(1) or 75(2) as the Bank deems fit.
75 PART VIII OTHER POWERS OF THE BANK-75. Power of the Bank to take administrative actions.
(1) Where a person-
(a) is contravening or has contravened the provisions of this Act other than the provisions set out in the Schedule; or
(b) fails to comply with, observe, enforce or give effect to any guidelines, circulars, standards or notices issued by the Bank under section 74, in circumstances where the person is under an obligation to comply with, observe, enforce or give effect to such guidelines circulars, standards or notices, as the case may be, such person has committed a breach under this Act.
(2) Where a person has committed a breach under subsection (1) and the Bank is satisfied that it is appropriate to take action against that person, the Bank may take one or more of the following actions:
(a) to direct the person in breach to comply with, observe, enforce or give effect to such provisions, guidelines, circulars, standards or notices, a
76 PART VIII OTHER POWERS OF THE BANK-76. Civil action by the Bank.
The Bank may institute civil proceedings in the court against a person, whether or not such person has been charged with any offence under this Act, or whether or not a contravention has been proved in a prosecution.
77 PART VIII OTHER POWERS OF THE BANK-77. Power of court to make certain orders.
(1) Where on an application by the Bank, it appears to the court that-
(a) there is reasonable likelihood that any person will contravene any provision of this Act; or
(b) any person has contravened a provision of this Act and that there are steps which could be taken to remedy the contravention or to mitigate the effect of such contravention including making restitution to any other person aggrieved by such contravention,
Whether or not that person has been charged with an offence in respect of the contravention or whether or not a contravention has been proved in a prosecution, the court may, without prejudice to any order it would be entitled to make otherwise than pursuant to this section, make one or more of the following orders:
(A) an order restraining or requiring the cessation of the contravention;
(B) an order requiring that person, or any other
78 PART VIII OTHER POWERS OF THE BANK-78. Power to make regulations.
(1) The Bank may, with the approval of the Minister, make such regulations as may be necessary or expedient for giving full effect to the provisions of this Act.
(2) Without prejudice to the generality of subsection (1), regulations may be made-
(a) to provide for administrative actions pursuant to section 75 and for civil actions pursuant to section 76;
(b) to provide for offences which may be compounded;
(c) to provide that any act or omission in contravention of any provision of the regulations shall be an offence; and
(d) to provide for the imposition of penalties for offences provided in the regulations which shall not exceed a fine of five hundred thousand ringgit or imprisonment for a term not exceeding three years or to both.
79 PART VIII OTHER POWERS OF THE BANK-79. Power of the Bank to publish information.
The Bank may, in such form and manner as it considers appropriate, publish any information as the Bank may consider necessary or expedient for the purposes of public interest, including the following information:
(a) the acceptance by any person of an offer to compound an offence under subsection 88(1);
(b) the repeal or revocation of any exemption granted under section 91;
(c) the conviction of any person for any offence under this Act; or
(d) any other action taken by the Bank against any person under this Act.
80 PART IX MISCELLANEOUS-80. Offence by body corporate.
Where an offence against any provision of this Act has been committed by a body corporate, any person who at the time of the commission of the offence was a director, manager, secretary or other similar officer of the body corporate or who in any manner has control of the money services business of the body corporate or was purporting to act in any such capacity, or was in any manner or to any extent responsible for the management of any of the affairs of such body corporate, or was assisting in such management, shall be deemed to be guilty of that offence unless he proves that the offence was committed without his knowledge, consent or connivance and that he exercised all due diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his functions in that capacity and to all the circumstances.
81 PART IX MISCELLANEOUS-81. Offence by employee or agent.
(1) Where any person would be liable under this Act to any punishment or penalty for any act, omission, neglect or default, such person shall be liable to the same punishment or penalty for every such act, omission, neglect or default of any employee or agent of his or of the employee of such agent, if such act, omission, neglect or default was committed by the employee of the person in the course of his employment, or by the agent when acting on behalf of the person, or by the employee of such agent in the course of his employment by such agent or otherwise on behalf of the agent.
(2) Nothing under subsection (1) shall absolve an agent, officer or employee from any liability for an offence.
82 PART IX MISCELLANEOUS-82. Joinder of offences.
Notwithstanding anything contained in any other written law, where a person is accused of more than one offence under this Act, he may be charged with and tried at one trial for any number of such offences committed within any length of time.
83 PART IX MISCELLANEOUS-83. Protection against suits and legal proceedings.
No action, suit, prosecution or other proceedings shall lie or be brought, instituted, or maintained in any court or before any other authority against-
(a) the Minister;
(b) the Bank;
(c) the Governor; or
(d) any of its directors, officers or employees or any person acting on behalf of the Bank,
For or on account of, or in respect of, any act done or statement made or omitted to be done or made, or purporting to be done or made or omitted to be done or made, in pursuance of or in execution of, or intended pursuance of or execution of, this Act or any order in writing, direction or other thing issued under this Act if such act or statement was done or made, or was omitted to be done or made, in good faith.
84 PART IX MISCELLANEOUS-84. Secrecy.
(1) No person who is or has been a director, chief executive officer, controller or employee of a licensee or money services business agent shall give, produce, divulge, reveal, publish or otherwise disclose to any person, or make a record for any person of, any information or document whatsoever relating to the affairs or accounts of any of its customers.
(2) No person, who for any reason, has by any means access to any information or document relating to the customers of a licensee or money services business agent, shall give, produce, divulge, reveal, publish or otherwise disclose to any person, or make a record for any person of, any information or document relating to such customer.
(3) No person who has any information or document which to his knowledge has been disclosed in contravention of subsection (1) or (2) shall in any manner disclose the information or document to any other person.
(4) Any person who contravenes th
85 PART IX MISCELLANEOUS-85. Permitted disclosures.
The provisions of section 84 shall not apply to the disclosure of any information or document-
(a) to the Bank, or to any director or officer of the Bank, or to any person appointed by the Bank under subsection 3(3), where the disclosure is for the purpose of the exercise of powers, the performance of functions or the discharge of duties of the Bank, or of the director or officer of the Bank, or of the person appointed under subsection 3(3);
(b) to any person rendering professional services to the Bank in relation to any matter of law, accountancy, valuation, or any other matter requiring professional knowledge, where he is authorized in writing by the Bank to obtain the information from the licensee or money services business agent for the purpose of his services to the Bank;
(c) which at the time of the disclosure is, or has already been made, lawfully available to the public from any so
86 PART IX MISCELLANEOUS-86. Attempts, abetments and conspiracies.
(1) A person commits an offence and is liable to the penalty for that offence if he-
(a) attempts to commit an offence under this Act;
(b) does an act preparatory to, or in furtherance of, the commission of an offence under this Act; or
(c) abets or is engaged in a criminal conspiracy to commit an offence under this Act, whether or not the offence is committed in consequence of it.
(2) Any provision of this Act which contains a reference to an offence under any specific provision of this Act shall be read as including a reference to an offence under subsection (1) in relation to the offence under that specific provision.
(3) For the purposes of paragraph (1) (c) -
(a) "criminal conspiracy" has the same meaning assigned to it in section 120A of the Penal Code; and
(b) "abet" has the same meaning assigned to
87 PART IX MISCELLANEOUS-87. General penalty.
Any person who commits an offence under this Act for which no penalty is expressly provided shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.
88 PART IX MISCELLANEOUS-88. Power to compound.
(1) The Governor may, with the consent in writing of the Public Prosecutor, offer in writing to compound any offence committed by any person under this Act and prescribed to be a compoundable offence by making a written offer to such person to compound the offence upon payment to the Governor of such amount not exceeding the amount of the maximum fine for that offence within such time as may be specified in the offer.
(2) An offer under subsection (1) may be made at any time after the offence has been committed, but before any prosecution for it has been instituted.
(3) If the amount specified in the offer under subsection (1) is not paid within the time specified in the offer or within such extended period as the Governor may grant, prosecution for the offence may be instituted at any time after that against the person to whom the offer was made.
(4) Where an offence has been compounded under subsection (1), no prosecution shal
89 PART IX MISCELLANEOUS-89. Prosecution.
No prosecution for an offence under this Act shall be instituted except by or with the written consent of the Public Prosecutor.
89A PART IX MISCELLANEOUS-89A. Admissibility of evidence.
Notwithstanding anything to the contrary in any written law, any document, computer or other evidence obtained by the Bank, an examiner or an investigating officer by virtue of this Act which is relevant in any proceedings under this Act shall be admissible in such proceedings.
[89A. Ins. by Act A1711/2024]
90 PART IX MISCELLANEOUS-90. Minister may amend the Schedule.
The Minister may, on the recommendation of the Bank, by order published in the Gazette amend the Schedule.
91 PART IX MISCELLANEOUS-91. Exemptions.
The Minister may, by order published in the Gazette , exempt any particular person or any class, category or description of persons, from all or any of the provisions of this Act subject to such limitations, restrictions or conditions as the Minister may specify in the order.
92 PART IX MISCELLANEOUS-92. Act to be read together with Division 2 of Part XIV of the Financial Services Act 2013 and Division 2 of Part XV of the Islamic Financial Services Act 2013.
[Subs. by Act A1711/2024]
(1) This Act shall be read together with Division 2 of Part XIV of the Financial Services Act 2013 and Division 2 of Part XV of the Islamic Financial Services Act 2013, and the provisions of this Act shall be in addition to, and not in derogation of, the provisions of such Divisions.
(2) In the event of any inconsistency between the provisions of this Act and Division 2 of Part XIV of the Financial Services Act 2013 or Division 2 of Part XV of the Islamic Financial Services Act 2013, Division 2 of Part XIV of the Financial Services Act 2013 and Division 2 of Part XV of the Islamic Financial Services Act 2013 shall prevail.
[Subs. by Act A1711/2024]
93 PART X REPEAL, SAVINGS AND TRANSITIONAL-93. Repeal.
The Money-Changing Act 1998 is repealed.
94 PART X REPEAL, SAVINGS AND TRANSITIONAL-94. Savings.
(1) Subject to section 95-
(a) a person who has been licensed under section 7 of the Money-Changing Act 1998 shall be deemed to be licensed under section 7 on the appointed date and may carry on currency exchange business under this Act;
[Am. by Act A1711/2024]
(b) a person who has been granted permission by the Controller of Foreign Exchange under section 10 of the Exchange Control Act 1953 to carry on remittance business shall be deemed to be licensed under section 7 of this Act on the appointed date and may carry on remittance business under this Act;
(c) a person who has been granted permission by the Controller of Foreign Exchange under sections 4, 24 and 25 of the Exchange Control Act 1953 to carry on wholesale currency business, shall be deemed to be licensed under section 7 of this Act on the appointed date and may carry on wholesale currency
95 PART X REPEAL, SAVINGS AND TRANSITIONAL-95. Grant of licence to persons deemed to be licensed or permitted to carry on business.
(1) Where the remaining period of validity of the licence or the permission referred to in section 94-
(a) is less than two years from the appointed date, such person shall apply under section 5 for a licence to carry on money services business within three months from the appointed date or such further period as the Bank may specify; or
(b) is two years or more from the appointed date, such person shall apply under section 5 for a licence to carry on money services business within six months from the appointed date or such further period as the Bank may specify.
(2) Where the period of validity of the licence or the permission referred to in section 94 is not specified, such person shall apply under section 5 for a licence to carry on money services business within six months from the appointed date or such further period as the Bank may specify.
(3) An application under subs
96 PART X REPEAL, SAVINGS AND TRANSITIONAL-96. Transitional.
Notwithstanding sections 93 and 94-
(a) all the-
(i) regulations, orders, directions, notifications, exemptions and other subsidiary legislation, howsoever called; and
(ii) approvals, directions, decisions, notifications, exemptions and other executive acts, howsoever called,
Made, given, or done under, or in accordance with, or by virtue of, the repealed Act, sections 4, 10, 24, 25 and 39 of the Exchange Control Act 1953 in relation to wholesale currency business or remittance business, as the case may be, or section 5 of the Payment Systems Act 2003 in relation to remittance system operator, shall be deemed to have been made, given, or done under, or in accordance with, or by virtue of, the corresponding provisions of this Act, and shall continue to remain in full force and effect in relation to the persons to whom they apply until amended, repealed, rescinded, revoked o
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