Section 14
Authorized person to carry on authorized business only
of Financial Services Act 2013
(1)
Unless the Bank otherwise specifies, an authorized person shall not carry on any business or activity in or outside Malaysia except in connection with or for the purposes of its authorized business or as provided in section 15.
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(2)
Notwithstanding subsection
(1)
and subject to paragraphs 15(1)(d) and (e), an approved operator of a payment system or approved issuer of a designated payment instrument which is not a licensed person may carry on any business or activity which is not in connection with or for the purposes of its approved business.
(3)
Except with the prior written approval of the Bank—
(a)
a licensed insurer shall not carry on annuity certain business, financial guarantee insurance business or credit guarantee insurance business; and
(b)
a licensed investment bank shall not accept money on deposit which is repayable on demand by cheques, drafts, orders or any other instrument drawn by a depositor on such licensed investment bank.
(4)
Any authorized person who contravenes subsection (1) or (3)
commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.
Authorized person and operator of designated payment system permitted to carry on certain Islamic financial business