Section 69 — Akta 627

(a)

required or permitted by this Act to be prescribed by regulations;

(b)

necessary or expedient for—

(i)

giving full effect to the provisions of this Act;

(ii)

carrying out or achieving the objects and purposes of this Act; or

(iii)

the further, better or more convenient implementation of the provisions of this Act.

(2)

Without prejudice to the generality of subsection (1), regulations may be made—

(a)

to provide that any act or omission in contravention of any provision of such regulations shall be an offence;

(b)

to provide for the imposition of penalties for such offences which shall not exceed a fine of one million ringgit or imprisonment for a term not exceeding one year or both;

(c)

to provide for the imposition of an additional penalty for a continuing offence which shall not exceed one thousand ringgit for each day that the offence continues after conviction.

(3)

Notwithstanding anything contained in any—

(a)

approval, directive, acknowledgement, notice, standard or guideline issued under this Act; or

(b)

rules and procedures governing a payment system or payment instrument, every operator or issuer shall comply with any regulations made under subsection (1) and where there is any conflict or inconsistency between anything contained in paragraph (a) or (b) and the regulations, the provisions of the regulations shall prevail and have full force and effect.

Power to issue guidelines, etc.