Money Services Business Act 2011 · s 47

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47.
Revocation of approval for appointment of money services business agent
(1)
The Bank may revoke the written approval granted under subsection 43(4) for the appointment of a money services business agent if the Bank is satisfied that—
(a) the money services business agent has failed to fulfil the minimum criteria of a “fit and proper” person as the Bank may prescribe at any time during the period of the appointment of such agent;
(b) the money services business agent is contravening or has contravened such provisions of this Act or any other requirements as the Bank may prescribe under subsection 46(1);
(c) the appointment of the money services business agent has been terminated by a licensee; or
(d) the money services business agent has engaged in unsafe and unsound practices in carrying out its money services business.
(2)
Where the Bank proposes to revoke the written approval under subsection (1), the Bank shall give the licensee written notice setting out the proposed revocation and the grounds for the revocation.
(3)
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).
(4)
Where no written representation is received by the Bank within the period specified under (3), the Bank shall revoke the written approval by written notice.

Money Services Business                                      49
(5)
Where written representation is received, the Bank shall, after considering the representation, give the licensee written notice of its decision.
(6)
A revocation under subsection (4), or a decision to revoke the written approval under subsection (5), shall not take effect until the expiration of fourteen days from the date of the written notice under subsection (4) or (5) or such other period as the Bank may specify, as the case may be.
(7)
Where the Bank decides under subsection (5) not to revoke the written approval, the Bank may impose such conditions on the licensee and the money services business agent as the Bank may specify in the written notice given under that subsection.
(8)
The satisfaction of the Bank under paragraph (1)(b) that any of the provisions of this Act or any other requirements have been contravened by a money services business agent may be arrived at regardless as to whether or not there is any prosecution of any person for such contravention.
(9)
The Bank shall immediately remove a money services business agent from the register of money services business agents maintained by the Bank under section 44 from the date the revocation takes effect under subsection (6).
(10) A licensee shall immediately terminate the appointment of its money services business agent whose approval has been revoked by the Bank and shall instruct such agent to cease to carry on money services business on behalf of the licensee from the date the revocation takes effect under subsection (6).
(11) Any revocation of the written approval granted to a money services business agent under this section shall not operate so as to—
(a) affect any agreement, transaction or arrangement relating to the money services business, as the case may be, entered into by such money services business agent prior

50                                          Laws of Malaysia to the date the revocation of the approval takes effect under subsection (6); or
(b) affect any right, claim, obligation or liability arising under any such agreement, transaction or arrangement.
(12) The duties and liabilities of a money services business agent in respect of its customers shall be assumed by the licensee who appointed such agent upon the coming into effect of the revocation of approval of such agent under subsection (6).
(13) A licensee who—
(a) fails to comply with any condition imposed under subsection (7) commits an offence; or
(b) contravenes subsection (10) 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.
(14) A money services business agent whose approval has been revoked by the Bank and the revocation has taken effect under subsection (6) shall not have any claim whatsoever against the Bank or be entitled to any compensation from the Bank for any damage or loss suffered by or caused to him by such revocation.

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s 47Revocation of approval for appointment of money services business agent

(1)

The Bank may revoke the written approval granted under subsection 43(4) for the appointment of a money services business agent if the Bank is satisfied that—

(a)

the money services business agent has failed to fulfil the minimum criteria of a “fit and proper” person as the Bank may prescribe at any time during the period of the appointment of such agent;

(b)

the money services business agent is contravening or has contravened such provisions of this Act or any other requirements as the Bank may prescribe under subsection 46(1);

(c)

the appointment of the money services business agent has been terminated by a licensee; or

(d)

the money services business agent has engaged in unsafe and unsound practices in carrying out its money services business.

(2)

Where the Bank proposes to revoke the written approval under subsection (1), the Bank shall give the licensee written notice setting out the proposed revocation and the grounds for the revocation.

(3)

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).

(4)

Where no written representation is received by the Bank within the period specified under (3), the Bank shall revoke the written approval by written notice.

Money Services Business 49

(5)

Where written representation is received, the Bank shall, after considering the representation, give the licensee written notice of its decision.

(6)

A revocation under subsection (4), or a decision to revoke the written approval under subsection (5), shall not take effect until the expiration of fourteen days from the date of the written notice under subsection (4) or (5) or such other period as the Bank may specify, as the case may be.

(7)

Where the Bank decides under subsection (5) not to revoke the written approval, the Bank may impose such conditions on the licensee and the money services business agent as the Bank may specify in the written notice given under that subsection.

(8)

The satisfaction of the Bank under paragraph (1)(b) that any of the provisions of this Act or any other requirements have been contravened by a money services business agent may be arrived at regardless as to whether or not there is any prosecution of any person for such contravention.

(9)

The Bank shall immediately remove a money services business agent from the register of money services business agents maintained by the Bank under section 44 from the date the revocation takes effect under subsection (6).

(10)

A licensee shall immediately terminate the appointment of its money services business agent whose approval has been revoked by the Bank and shall instruct such agent to cease to carry on money services business on behalf of the licensee from the date the revocation takes effect under subsection (6).

(11)

Any revocation of the written approval granted to a money services business agent under this section shall not operate so as to—

(a)

affect any agreement, transaction or arrangement relating to the money services business, as the case may be, entered into by such money services business agent prior

50 Laws of Malaysia to the date the revocation of the approval takes effect under subsection (6); or

(b)

affect any right, claim, obligation or liability arising under any such agreement, transaction or arrangement.

(12)

The duties and liabilities of a money services business agent in respect of its customers shall be assumed by the licensee who appointed such agent upon the coming into effect of the revocation of approval of such agent under subsection (6).

(13)

A licensee who—

(a)

fails to comply with any condition imposed under subsection (7) commits an offence; or

(b)

contravenes subsection (10) 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.

(14)

A money services business agent whose approval has been revoked by the Bank and the revocation has taken effect under subsection (6) shall not have any claim whatsoever against the Bank or be entitled to any compensation from the Bank for any damage or loss suffered by or caused to him by such revocation.