Money Services Business Act 2011 · s 15

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s 15Effect of expiry, non-renewal, revocation or surrender of licence

(1)

A licensee shall, immediately or within such period as the

Bank may specify, cease to carry on the money services business in respect of which the licence was granted if—

(a)

the licence has expired;

(b)

the refusal to renew the licence has taken effect under subsection 9(10);

(c)

revocation of the licence has taken effect under subsection 12(6); or

(d)

surrender of the licence has taken effect under section 16.

(2)

A licensee who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding ten years or to both.

(3)

A licensee whose licence has been revoked or not renewed under this Act shall not have any claim whatsoever against the Bank or be entitled to compensation from the Bank for any damage or loss suffered by or caused to the licensee by such revocation or non-renewal of licence.