Malaysia legislation
Section 73
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 73
Prohibition of certain accounts
(2)
Every Islamic bank licensee shall conduct proper due diligence enquiries prior to opening any account for a customer.
(3)
Any Islamic bank licensee 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