19. Surrender of licence or notification on cessation of business or operations

A licensed person may surrender its licence to the Bank and upon surrendering, the licensed person shall provide a written notice of its surrender to the Bank.

An approved person shall submit a written notice to the

An approved representative office shall submit a written notice to the Bank if it ceases operations.

The surrender under subsection (1) or the notification under subsection (2) or (3) shall take effect on the date the Bank receives such notice or where a later date is specified in the notice, on that date.

The Bank—

or cessation of operations under subsection (3) in such form as the Bank deems appropriate.

Any person who contravenes subsection (1), (2) or (3) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding one year or to a fine not exceeding five million ringgit or to both.