Malaysia legislation
Section 31
Section 31
(2)
A registered currency processor who has received a notice under subsection (1) shall be given an opportunity to make a representation to the Bank within fourteen days from the date of the notice.
(3)
If at the end of the period set out in subsection (2)—
(a)
the Bank did not receive any representation, the Bank shall deregister the registered currency processor and give the registered currency processor a notice of the deregistration; or
(b)
the Bank receives a representation, the Bank shall, after considering the representation, give the registered currency processor a notice of its decision whether to proceed with the deregistration or otherwise.
Currency 21
(4)
A deregistration under subsection (3) shall take effect on the date as may be specified by the Bank in its notice under subsection (3).
(5)
Where the Bank decides under paragraph (3)(b) to not deregister the registered currency processor, the Bank may impose any requirements on the registered currency processor as the Bank deems fit.
Effect of deregistration