Section 33
Power of Bank to specify standards for payment systems
of Financial Services Act 2013
(1)
The Bank may specify standards for payment systems—
(a)
for promoting safety, integrity, efficiency or reliability of the designated payment system, the payment system set out in
Division 1 of Part 1 of Schedule 1, the payment system set out in paragraph 9 of Part 2 of Schedule 1 or the designated payment instrument including facilitating interoperability, technical specifications and security standards; or
74 Laws of Malaysia
(b)
in the interest of current or prospective participants of the designated payment system, the payment system set out in
Division 1 of Part 1 of Schedule 1 or the payment system set out in paragraph 9 of Part 2 of Schedule 1 or users.
(2)
An operator of a designated payment system, an approved operator of a payment system, a registered operator of a payment system or an approved issuer of a designated payment instrument shall at all times comply with the standards specified by the Bank under subsection (1) which are applicable to such operator or issuer.