Malaysia legislation
Section 30
Section 30
The Bank may propose to deregister a registered currency processor—
(a)
if the registered currency processor provided the Bank with false, misleading, inaccurate or incomplete information for the purpose of subsection 25(1);
(b)
if the registered currency processor has ceased from carrying on currency processing business;
(c)
if the registered currency processor commits a breach regardless no action has been taken in respect of the breach;
(d)
if the registered currency processor contravenes any provision of—
(i)
the Central Bank of Malaysia Act 2009;
(ii)
the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001
[Act 613];
20
Act 827
(iii)
the Money Services Business Act 2011 [Act 731];
(iv)
the Financial Services Act 2013; or
(v)
the Islamic Financial Services Act 2013, regardless no prosecution or other action has been taken in respect of such contravention;
(e)
the director, chief executive officer or any person concerned with the operation or management of the registered currency processor is convicted of an offence under this
Act or an offence involving fraud or dishonesty under any other written law;
(f)
the registered currency processor has been wound-up or otherwise dissolved; or
(g)
a receiver or manager of the property of the registered currency processor has been appointed.
Opportunity to make representation for action under section 30