Money Services Business Act 2011 · s 29

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s 29Sale, leasing, etc., of money services business

(1)

No licensee shall, without the prior written approval of the

Bank—

(a)

sell, dispose, lease, assign or transfer howsoever, the whole or any part of its money services business to; or

(b)

amalgamate or merge its money services business with, any other person.

Money Services Business 33

(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.