Money Services Business Act 2011 · s 42

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s 42Appointment of money services business agents

(1)

No licensee shall appoint a money services business agent to carry on money services business on its behalf unless the money services business agent fulfils the minimum criteria of a “fit and proper” person as the Bank may prescribe and the licensee has obtained the prior written approval of the Bank for the proposed appointment.

(2)

For the purposes of subsection (1), the Bank may prescribe the classes, categories or descriptions of licensees who are eligible to apply to appoint a money services business agent.

(3)

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.