Currency Act 2020 · Updated to 28 Feb 2020 · Part IV · Currency Processing Business
30. Deregistration by Bank
Feedback & supportThe Bank may propose to deregister a registered currency processor—
Bank
“Bank” has the same meaning assigned to it in subsection 2(1) of the Central Bank of Malaysia Act 2009;
if the registered currency processor provided the Bank with false, misleading, inaccurate or incomplete information for the purpose of subsection 25(1);
registered currency processor
“registered currency processor” means a person registered under subsection 26(1) to carry on a currency processing business and for the purpose of Division 3 of Part IV includes any financial institution carrying on currency processing activities;
if the registered currency processor has ceased from carrying on currency processing business;
currency processing business
“currency processing business” means— (a) the business of— (i) collecting currency note or currency coin; (ii) sorting currency note or currency coin by authenticity and quality; and (iii) packing currency note or currency coin by quality, quantity and denomination, by a person for or on behalf of another person; or (b) any activity declared as a currency processing business under section 23.
if the registered currency processor commits a breach regardless no action has been taken in respect of the breach;
if the registered currency processor contravenes any provision of—
the Central Bank of Malaysia Act 2009;
the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001
[Act 613];
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the Money Services Business Act 2011 [Act 731];
the Financial Services Act 2013; or
the Islamic Financial Services Act 2013, regardless no prosecution or other action has been taken in respect of such contravention;
the director, chief executive officer or any person concerned with the operation or management of the registered currency processor is convicted of an offence under this
person
“person” means any natural person, corporation, statutory body, local authority, society, trade union, co-operative society, partnership or any other body, organisation, association or group of persons, whether corporate or unincorporated and includes the Government and any State Government;
Act or an offence involving fraud or dishonesty under any other written law;
the registered currency processor has been wound-up or otherwise dissolved; or
a receiver or manager of the property of the registered currency processor has been appointed.