Section 98

Every bank licensee shall conduct proper due diligence enquiries prior to opening any account for a customer.

Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding ten million ringgit or to imprisonment for a term not exceeding five years or to both, and in the case of a continuing offence, shall, in addition, be liable to a daily fine not exceeding ten thousand ringgit for each day the offence continues to be committed.

Financial statements, statistics and information to be submitted to the Authority