Malaysia legislation
Section 6
Section 6
Amendment of section 25
(a)
in the shoulder note, by substituting for the word “bank”
the words “financial institution”;
(b)
in subsection (1), by substituting for the words “at a bank, finance company, financial institution or other institutions licensed or established under the Banking and Financial Institutions Act 1989 [Act 372] or any other written law, in any part of Malaysia” the words
“opened by a financial institution,”; and
(c)
by inserting after subsection (2) the following subsections:
“(3) For the purposes of this Part, “financial institution” includes—
(a)
a licensed bank and an approved issuer of a designated payment instrument under the Financial Services Act 2013 [Act 758];
(b)
a licensed Islamic bank and an approved issuer of a designated Islamic payment instrument under the Islamic Financial
Services Act 2013 [Act 759]; and
(c)
a p r e s c r i b e d i n s t i t u t i o n u n d e r the Development Financial Institutions
Act 2002 [Act 618].
(4)
The Minister may, by order, specify any approved issuer of a designated payment instrument or any approved issuer of a designated Islamic payment instrument under paragraphs 3(a) and (b)
to be a recognized approved issuer of a designated payment instrument or approved issuer of a designated
Islamic payment instrument for the purpose of payment of wages under this Part.”.
Amendment of section 25a