Currency Act 2020 · Updated to 28 Feb 2020 · Part V · Enforcement
47. Power to issue direction
Feedback & supportThe Bank may, subject to sections 49 and 50, issue a direction under subsection (2) to a registered currency processor or a financial institution if the Bank thinks that—
Bank
“Bank” has the same meaning assigned to it in subsection 2(1) of the Central Bank of Malaysia Act 2009;
it is necessary to do so as a result of any examination under this Act; or
the registered currency processor or the financial institution, or its director or chief executive officer, or any person concerned with its operation or management—
is carrying or has carried on currency processing business or currency processing activities in a manner detrimental to the interests of its customers or members of the public; or
is committing or has committed or is likely to commit a breach.
For the purpose of subsection (1), the Bank may issue a direction to the registered currency processor or the financial institution relating to one or more of the following purposes:
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;
to prohibit the registered currency processor or the financial institution from carrying on all or any part of its currency processing business or currency processing activities;
to prohibit the registered currency processor or the financial institution from doing or performing any act or function connected with all or any part of its currency processing business or currency processing activities;
to suspend its currency processing business or currency processing activities to any extent and for any period as the Bank deems fit;
to require the registered currency processor or financial institution to—
comply with or give effect to; or
do or omit any act in order to ensure compliance with,
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any provisions of, regulations, standards, specifications, directions or requirements made under, this Act;
to require the registered currency processor or financial institution to take any measure as the Bank may direct to mitigate the effect of a breach.
Power to take administrative action