Money Services Business Act 2011 · s 94

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94.
Savings
(1)
Subject to section 95—
(a) a person who has been licensed under section 7 of the
Money-Changing Act 1998 shall be deemed to be licensed under section 7 on the appointed date and may carry on money-changing business under this Act;
(b) a person who has been granted permission by the
Controller of Foreign Exchange under *section 10 of the
Exchange Control Act 1953 to carry on remittance business shall be deemed to be licensed under section 7 of this Act on the appointed date and may carry on remittance business under this Act;
(c) a person who has been granted permission by the
Controller of Foreign Exchange under *sections 4, 24 and 25 of the Exchange Control Act 1953 to carry on wholesale currency business, shall be deemed to be licensed under section 7 of this Act on the appointed date

* NOTE—The Act was repealed by the Financial Services Act 2013 [Act 758]–see section 271 of Act 758 w.e.f. 30 June 2013 (except section 129 and Schedule 9) [P.U. (B) 276/2013] and 1 January 2015
(for section 129 and Schedule 9) [P.U. (B) 552/2014].

Money Services Business                                      89
and may carry on wholesale currency business under this
Act; and
(d) a person who has received a written notification from the
Bank under *section 5 of the Payment Systems Act 2003
in respect of providing remittance business by utilising its own remittance system, providing remittance business by utilising a remittance system of a third party, or providing a remittance system to any person, shall be deemed to be approved under section 40 on the appointed date and may continue to utilise such system under this Act.
(2)
A person specified in subsection (1) shall comply with such conditions to such extent and within such time, as the Bank may specify.
(3)
Any person who contravenes subsection (2) 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.

Grant of licence to persons deemed to be licensed or permitted to carry on business

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s 94Savings

(1)

Subject to section 95—

(a)

a person who has been licensed under section 7 of the

Money-Changing Act 1998 shall be deemed to be licensed under section 7 on the appointed date and may carry on money-changing business under this Act;

(b)

a person who has been granted permission by the

Controller of Foreign Exchange under *section 10 of the

Exchange Control Act 1953 to carry on remittance business shall be deemed to be licensed under section 7 of this Act on the appointed date and may carry on remittance business under this Act;

(c)

a person who has been granted permission by the

Controller of Foreign Exchange under *sections 4, 24 and 25 of the Exchange Control Act 1953 to carry on wholesale currency business, shall be deemed to be licensed under section 7 of this Act on the appointed date

* 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. (B) 276/2013] and 1 January 2015

(for section 129 and Schedule 9) [P.U. (B) 552/2014].

Money Services Business 89

and may carry on wholesale currency business under this

Act; and

(d)

a person who has received a written notification from the

Bank under *section 5 of the Payment Systems Act 2003

in respect of providing remittance business by utilising its own remittance system, providing remittance business by utilising a remittance system of a third party, or providing a remittance system to any person, shall be deemed to be approved under section 40 on the appointed date and may continue to utilise such system under this Act.

(2)

A person specified in subsection (1) shall comply with such conditions to such extent and within such time, as the Bank may specify.

(3)

Any person who contravenes subsection (2) 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.

Grant of licence to persons deemed to be licensed or permitted to carry on business