Where the Bank thinks that a registered currency processor or a financial institution, or its director or chief executive officer, or any person concerned with its operation or management, has committed a breach and it is appropriate to take action against the person, the Bank may, subject to sections 49 and 50, take any one or more of the following actions:
Bank
“Bank” has the same meaning assigned to it in subsection 2(1) of the Central Bank of Malaysia Act 2009;
reprimand the person in breach;
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;
require the person in breach to issue a public statement in relation to such breach, if the Bank thinks that such breach is relevant for the information of members of the public;
where the breach is not an offence under this Act or any regulations made under this Act, impose a monetary penalty, in any amount as the Bank deems fit, but shall not exceed, relating to every breach—
in the case of a body, incorporated or unincorporated, one hundred thousand ringgit; or
in the case of a natural person, twenty thousand ringgit.
Where a breach was committed by a body, incorporated or unincorporated, the Bank may take any action under subsection (1)
against a person who is or was its director or chief executive officer, or any person concerned with its operation or management, at the time of the commission of the breach, unless that person demonstrates that the breach was committed without his consent or connivance and that he exercised due diligence to prevent the breach as he ought to have exercised, having regard to the nature of his function in that capacity and to the circumstances.
Where a breach was committed by a person who is a director or chief executive officer, or any person concerned with the operation or management, of a registered currency processor
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;
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or a financial institution during the course of his employment, the Bank may take any action under subsection (1) against the registered currency processor or financial institution.
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;
Where a person fails to pay a monetary penalty imposed by the Bank under paragraph (1)(c) within the period specified by the Bank, the Bank may sue and recover the monetary penalty as a civil debt due to the Government and the court may award the cost of recovering the unpaid monetary penalty to the Bank.