Money Services Business Act 2011 · s 12
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Open the official texts 12Revocation of licence
The Bank may revoke a licence if it is satisfied that—
the licensee, its chief executive officer, or any of its shareholders, controllers, directors, or managers, has been convicted of an offence under the Central Bank of
Malaysia Act 2009, the
*Banking and Financial
Institutions Act 1989, the **Islamic Banking Act 1983, the
*Insurance Act 1996 [Act 553], the **Takaful Act 1984
[Act 312], the *Exchange Control Act 1953, the *Payment
Systems Act 2003 [Act 627], the Development Financial
Institutions Act 2002 [Act 618] or any other written law administered by the Bank or the Companies Act 1965 or any offence involving fraud, dishonesty, corruption or other offences of the same kind;
the controller of the licensee has failed to comply with the minimum criteria of a “fit and proper” person;
the licensee goes into liquidation or is wound up or is otherwise dissolved;
the licensee is contravening or has contravened section 19,
21, 22, 29, 30, 32, 34, 35, 36, 37, 39, 40 or 42 or subsection 33(2);
* NOTE—The Act was repealed by the Financial Services Act 2013 [Act 758]–see section 271 of Act 758 w.e.f. 30 June 2013 (except section 129 and Schedule 9) [P.U.
276/2013] and 1 January 2015
(for section 129 and Schedule 9) [P.U. (B) 552/2014].
**NOTE—The Act was repealed by the Islamic Financial Services Act 2013 [Act 759]–see section 282 of
Act 759 w.e.f. 30 June 2013 (except paragraphs 1 to 10 of Schedule 9 and paragraphs 13 to 19 of
Schedule 9) [P.U. (B) 277/2013] and 1 January 2015 (for paragraphs 1 to 10 of Schedule 9 and paragraphs 13 to 19 of Schedule 9) [P.U. (B) 553/2014].
24 Laws of Malaysia
the licensee has contravened any of the conditions of its licence;
the licensee has ceased to carry on money services business for which it is licensed for any continuous period of six months, or for any period aggregating nine months during a continuous period of twelve months;
the licensee has engaged in unsafe and unsound practices;
the licensee is contravening or has contravened the provisions of the Anti-Money Laundering, Anti-Terrorism
Financing and Proceeds of Unlawful Activities Act 2001;
or
the licensee has failed to ensure that its money services business agents comply with the prudential requirements as the Bank may prescribe.
Where the Bank proposes to revoke a licence, the Bank shall give the licensee written notice setting out the proposed revocation and the grounds for the revocation.
The licensee shall be given an opportunity to make written representation to the Bank within fourteen days from the date of the written notice under subsection (2).
Where no written representation is received by the Bank within the period specified under subsection (3), the Bank shall revoke the licence by written notice.
Where written representation is received, the Bank shall, after considering the representation, give the licensee written notice of its decision.
A revocation under subsection (4), or a decision to revoke a licence under subsection (5), shall come into effect immediately or at any date as the Bank may specify in its written notice.
Money Services Business 25
Where the Bank decides under subsection (5) not to revoke the licence, the Bank may impose such conditions on the licensee as it may specify in the written notice given under that subsection.
The satisfaction of the Bank that paragraph (1)(d), (e),(h) or
has been contravened by a licensee may be arrived at regardless as to whether or not there is any prosecution of any licensee for such contravention.