Currency Act 2020 · Updated to 28 Feb 2020 · Part IV · Currency Processing Business
33. Prudent and professional practice
Feedback & supportA registered currency processor and a financial institution carrying on currency processing activities shall manage its business, affairs and activities prudently, professionally and with integrity, accountability and transparency.
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;
A registered currency processor and a financial institution carrying on currency processing activities shall comply and ensure that its internal policies and procedures are consistent with any standards specified by the Bank under section 61, including standards on prudential practice, integrity, professionalism and expertise in the conduct of its business, affairs and activities.
financial institution
“financial institution” means— (a) a licensed bank under the Financial Services Act 2013, a licensed Islamic bank under the Islamic Financial Services Act 2013 and a prescribed institution under the Development Financial Institutions Act 2002; or (b) any person declared as a financial institution in the First Schedule;
22