Section 77

Any designated payment instrument issued pursuant to an approval under subsection 119(1) of the Banking and Financial Institutions Act 1989 shall be deemed to have been approved under subsection 24(1).

An operator of a payment system who has obtained approval under subsection 119(1) of the Banking and Financial Institutions Act 1989 shall be deemed to have complied with the requirements and received the notification under subsection 4(1).

Every guideline and circular issued by the Bank under section 126 of the Banking and Financial Institutions Act 1989 in relation to paragraph 19(1)(b) and subsection 119(1) of the Banking and Financial Institutions Act 1989 shall be deemed to have been lawfully issued under section 70 of this Act in relation to the particular provisions of this Act corresponding to the matter dealt with in the guideline or circular and shall remain in full force and effect until it is amended, rescinded or replaced under this Act.

[Section 56 - Offences and Penalties]

First ColumnSecond ColumnThird ColumnFourth ColumnFifth ColumnSerial NoProvision of this Act contravened or not complied withFine RMImprisonmentDaily Fine RM1.Subsection 5(1)5 million5 years5 thousand2.Subsection 5(4)5 million5 years5 thousand3.Subsection 9(2)3 million3 years—4.Subsection 10(2)3 million3 years—5.Subsection 10(3)3 million3 years—6.Section 123 million3 years3 thousand7.Section 133 million3 years3 thousand8.Section 143 million3 years3 thousand9.Subsection 15(1)1 million1 year1 thousand10.Paragraph 15(3)(a)3 million3 years3 thousand11.Paragraph 15(3)(b)3 million3 years3 thousand12.Section 221 million1 year1 thousand13.Subsection 23(1)5 million5 years5 thousand14.Subsection 24(2)5 million5 years5 thousand15.Subsection 25(1)5 million5 years5 thousand16.Section 273 million3 years3 thousand17.Section 283 million3 years3 thousand18.Subsection 29(1)1 million1 year1 thousand19.Paragraph 29(3)(a)3 million3 years3 thousand20.Paragraph 29(3)(b)3 million3 years3 thousand21.Subsection 30(1)1 million1 year1 thousand22.Subsection 31(1)1 million1 year1 thousand23.Subsection 32(3)3 million3 years3 thousand24.Subsection 33(3)5 million5 years5 thousand25.Section 361 million1 year1 thousand26.Subsection 37(1)1 million—1 thousand27.Section 473 million3 years3 thousand28.Subsection 49(2)3 million3 years3 thousand29.Paragraph 65(a)1 million1 year1 thousand30.Paragraph 65(b)3 million3 years3 thousand

Act 627

LIST OF AMENDMENTS

Amending law

Short title

In force from-NIL-LAWS OF MALAYSIA Act 627 PAYMENT SYSTEMS ACT 2003

LIST OF SECTIONS AMENDED

Section

Amending authority

In force from-NIL-

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