Malaysia legislation
Section 70
Section 70
(2)
If the person referred to in subsection (1) intends to continue to carry on the currency processing business after the expiry of the grace period, the person shall make an application to be registered as a registered currency processor under section 25
within the grace period.
(3)
Where a person referred to in paragraph (1) has been registered as a registered currency processor by the Bank, the registered currency processor shall be given an additional grace period of six months from the expiry of the grace period to fully comply with the provisions in Division 2 of Part IV and any non-compliance after the expiry of the additional grace period shall be subject to actions provided in the relevant provisions.
(4)
Where a person has not applied to be registered as a registered currency processor or has his application for registration rejected on the expiry of the grace period, the person shall immediately cease from carrying on currency processing business on the expiry date of the grace period.
(5)
The grace period under subsection (1) shall expire in the case where the person has applied to be registered as a registered currency processor—
(a)
on the date the application for registration as a registered currency processor is accepted by the Bank and a notification under section 26 is issued; or
(b)
on the date of service of a notice under section 27 stating that the application for registration is refused by the
Bank.
Currency 39
First Schedule
[Section 3]
PERSON DECLARED AS FINANCIAL INSTITUTION