Money Services Business Act 2011 · s 21

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s 21

(1)

No licensee shall open or relocate an office in Malaysia without the prior written approval of the Bank.

(2)

A licensee shall apply in writing for the written approval of the Bank under subsection (1)—

(a)

in such form and manner together with such documents as the Bank may specify; and

Money Services Business 29

(b)

by submitting such information as the Bank may prescribe.

(3)

The Bank, in granting its approval under subsection (1), may impose such conditions as it thinks fit.

(4)

A licensee who contravenes subsection (1) or fails to comply with any condition imposed under subsection (3) 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.