Malaysia legislation
Section 2
Section 2
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“repealed Act” means the Money-Changing Act 1998 [Act 577];
10 Laws of Malaysia
“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 with the same meaning as assigned to it in
*section 2 of the Banking and Financial Institutions Act 1989 [Act 372]; or
(b)
an Islamic bank with the same meaning as assigned to it in
**section 2 of the Islamic Banking Act 1983 [Act 276];
“fund” or “money” includes any unit of account or unit of value that facilitates the purchase of goods or services;
“data” means representations of information or concepts that are being prepared or have been prepared in a form suitable for use in a computer;
“money services business agent” means a person—
(a)
appointed by a licensee in accordance with section 43 to carry on money services business on behalf of the licensee; and
(b)
registered by the Bank as a money services business agent under section 44;
*NOTE—The Act was repealed by the Financial Services Act 2013 [Act 758]–see section 271 of Act 758
w.e.f. 30 June 2013 (except section 129 and Schedule 9) [P.U. (B) 276/2013] and 1 January 2015 (for section 129 and Schedule 9) [P.U. (B) 552/2014].
** NOTE—The Act was repealed by the Islamic Financial Services Act 2013 [Act 759]–see section 282
of Act 759 w.e.f. 30 June 2013 (except paragraphs 1 to 10 of Schedule 9 and paragraphs 13 to 19 of