Section 5
of Act 627
Section 5
No person shall operate any payment system unless he has complied with the requirements of subsection (3) and has received a written notification from the Bank that he has so complied.
(2)
The written notification under subsection (1) is not an approval or endorsement of the payment system by the Bank.
(3)
A person referred to in subsection (1) shall submit to the
Bank the documents and information as prescribed by the Bank, together with such fees as may be prescribed by the Bank.
(4)
Notwithstanding subsection (1), the Bank may, by written notice, prohibit a person from operating any payment system where—
(a)
the payment system 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.
(5)
The Bank shall give the person referred to in subsection (4)
a reasonable opportunity to make representations before making a decision to impose the prohibition under that subsection.