Currency Act 2020 · Updated to 28 Feb 2020 · Part IV · Currency Processing Business
31. Opportunity to make representation for action under section 30
Feedback & supportWhere the Bank proposes to deregister a registered currency processor under section 30, the Bank shall give the registered currency processor a notice setting out the proposed deregistration and the grounds for the proposed deregistration.
Bank
“Bank” has the same meaning assigned to it in subsection 2(1) of the Central Bank of Malaysia Act 2009;
A registered currency processor who has received a notice under subsection (1) shall be given an opportunity to make a representation to the Bank within fourteen days from the date of the notice.
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 at the end of the period set out in subsection (2)—
the Bank did not receive any representation, the Bank shall deregister the registered currency processor and give the registered currency processor a notice of the deregistration; or
the Bank receives a representation, the Bank shall, after considering the representation, give the registered currency processor a notice of its decision whether to proceed with the deregistration or otherwise.
Currency 21
A deregistration under subsection (3) shall take effect on the date as may be specified by the Bank in its notice under subsection (3).
Where the Bank decides under paragraph (3)(b) to not deregister the registered currency processor, the Bank may impose any requirements on the registered currency processor as the Bank deems fit.