Malaysia legislation
Section 48
Section 48
(a)
reprimand the person in breach;
(b)
require the person in breach to issue a public statement in relation to such breach, if the Bank thinks that such breach is relevant for the information of members of the public;
(c)
where the breach is not an offence under this Act or any regulations made under this Act, impose a monetary penalty, in any amount as the Bank deems fit, but shall not exceed, relating to every breach—
(i)
in the case of a body, incorporated or unincorporated, one hundred thousand ringgit; or
(ii)
in the case of a natural person, twenty thousand ringgit.
(2)
Where a breach was committed by a body, incorporated or unincorporated, the Bank may take any action under subsection (1)
against a person who is or was its director or chief executive officer, or any person concerned with its operation or management, at the time of the commission of the breach, unless that person demonstrates that the breach was committed without his consent or connivance and that he exercised due diligence to prevent the breach as he ought to have exercised, having regard to the nature of his function in that capacity and to the circumstances.
(3)
Where a breach was committed by a person who is a director or chief executive officer, or any person concerned with the operation or management, of a registered currency processor
Currency 29
or a financial institution during the course of his employment, the Bank may take any action under subsection (1) against the registered currency processor or financial institution.
(4)
Where a person fails to pay a monetary penalty imposed by the Bank under paragraph (1)(c) within the period specified by the Bank, the Bank may sue and recover the monetary penalty as a civil debt due to the Government and the court may award the cost of recovering the unpaid monetary penalty to the Bank.
Appropriateness of action