Section 23
of Act 627
Section 23
The Bank may, by order published in the Gazette, prohibit any person from issuing or using any payment instrument if—
(a)
the issuing or use of the payment instrument is detrimental to the reliable, safe, efficient and smooth operation of the payment systems of Malaysia; or
(b)
the prohibition is in the interest of the public.
(2)
The Bank may, in considering whether to prohibit any person from issuing or using any payment instrument under subsection
(1)
, inspect the premises, equipment, machinery, apparatus, books or other documents, or accounts and transactions of the issuer of the payment instrument, upon giving written notice to the issuer.
(3)
The Bank shall give the person referred to in subsection (1)
a reasonable opportunity to make representation before making a decision to impose the prohibition under that subsection.