Money Services Business Act 2011 · s 75

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75. (1)
Where a person—
(a) is contravening or has contravened the provisions of this
Act other than the provisions set out in the Schedule; or

76                                          Laws of Malaysia
(b) fails to comply with, observe, enforce or give effect to any guidelines, circulars, standards or notices issued by the
Bank under section 74, in circumstances where the person is under an obligation to comply with, observe, enforce or give effect to such guidelines, circulars, standards or notices, as the case may be, such person has committed a breach under this Act.
(2)
Where a person has committed a breach under subsection (1)
and the Bank is satisfied that it is appropriate to take action against that person, the Bank may take one or more of the following actions:
(a) to direct the person in breach to comply with, observe, enforce or give effect to such provisions, guidelines, circulars, standards or notices, as the case may be;
(b) to impose a penalty in proportion to the severity or gravity of the breach, but in any event not exceeding one hundred thousand ringgit;
(c) to reprimand the person in breach;
(d) to require the person in breach to take such measures as the Bank may direct to remedy the breach or to mitigate the effect of such breach, including making restitution to any other person aggrieved by such breach; or
(e) to issue a public statement to the effect that, in the opinion of the Bank, it is necessary for the purpose of public interest.
(3)
The Bank shall not take any action under subsection (2)
without giving the person in breach written notice setting out the proposed action and the grounds for such action.
(4)
The person in breach shall be given an opportunity to make written representation to the Bank within fourteen days from the date of the written notice.

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(5)
Where no written representation is received by the Bank within the period specified under subsection (4), the Bank shall proceed with the proposed action under subsection (3) by written notice.
(6)
Where written representation is received, the Bank shall, after considering the representation, give the person in breach written notice of its decision.
(7)
A decision to take action under subsection (5) or (6) shall take effect immediately or at any date as the Bank may specify in its written notice, as the case may be.
(8)
Where a person has failed to pay a penalty imposed by the
Bank under paragraph (2)(b), the penalty imposed by the Bank may be sued for and recovered as a civil debt due to the Government of
Malaysia.
(9)
For the purposes of paragraph (2)(d), in determining whether or not restitution is to be made by a person in breach, the Bank shall have regard to—
(a) the profits that have accrued to such person in breach; or
(b) whether one or more persons have suffered loss or have been otherwise adversely affected as a result of the breach.
(10) Without prejudice to any other remedy, where a direction under paragraph (2)(d) had required the person in breach to make restitution in the form of monetary payment and the person in breach fails to pay the restitution, the Bank may sue for and recover the restitution as a civil debt due to the person aggrieved by the breach.
(11) Nothing in this section shall preclude the Bank from taking any of the actions that it is empowered to take under this Act against the person in breach.

78                                          Laws of Malaysia
(12) To the extent that any of the amounts obtained under paragraph (2)(d) or subsection (10) has not been distributed due to the difficulty of ascertaining or notifying the aggrieved persons, such amount shall be paid to the Federal Consolidated Fund.

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s 75

(1)

Where a person—

(a)

is contravening or has contravened the provisions of this

Act other than the provisions set out in the Schedule; or

76 Laws of Malaysia

(b)

fails to comply with, observe, enforce or give effect to any guidelines, circulars, standards or notices issued by the

Bank under section 74, in circumstances where the person is under an obligation to comply with, observe, enforce or give effect to such guidelines, circulars, standards or notices, as the case may be, such person has committed a breach under this Act.

(2)

Where a person has committed a breach under subsection (1)

and the Bank is satisfied that it is appropriate to take action against that person, the Bank may take one or more of the following actions:

(a)

to direct the person in breach to comply with, observe, enforce or give effect to such provisions, guidelines, circulars, standards or notices, as the case may be;

(b)

to impose a penalty in proportion to the severity or gravity of the breach, but in any event not exceeding one hundred thousand ringgit;

(c)

to reprimand the person in breach;

(d)

to require the person in breach to take such measures as the Bank may direct to remedy the breach or to mitigate the effect of such breach, including making restitution to any other person aggrieved by such breach; or

(e)

to issue a public statement to the effect that, in the opinion of the Bank, it is necessary for the purpose of public interest.

(3)

The Bank shall not take any action under subsection (2)

without giving the person in breach written notice setting out the proposed action and the grounds for such action.

(4)

The person in breach shall be given an opportunity to make written representation to the Bank within fourteen days from the date of the written notice.

Money Services Business 77

(5)

Where no written representation is received by the Bank within the period specified under subsection (4), the Bank shall proceed with the proposed action under subsection (3) by written notice.

(6)

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

(7)

A decision to take action under subsection (5) or (6) shall take effect immediately or at any date as the Bank may specify in its written notice, as the case may be.

(8)

Where a person has failed to pay a penalty imposed by the

Bank under paragraph (2)(b), the penalty imposed by the Bank may be sued for and recovered as a civil debt due to the Government of

Malaysia.

(9)

For the purposes of paragraph (2)(d), in determining whether or not restitution is to be made by a person in breach, the Bank shall have regard to—

(a)

the profits that have accrued to such person in breach; or

(b)

whether one or more persons have suffered loss or have been otherwise adversely affected as a result of the breach.

(10)

Without prejudice to any other remedy, where a direction under paragraph (2)(d) had required the person in breach to make restitution in the form of monetary payment and the person in breach fails to pay the restitution, the Bank may sue for and recover the restitution as a civil debt due to the person aggrieved by the breach.

(11)

Nothing in this section shall preclude the Bank from taking any of the actions that it is empowered to take under this Act against the person in breach.

78 Laws of Malaysia

(12)

To the extent that any of the amounts obtained under paragraph (2)(d) or subsection (10) has not been distributed due to the difficulty of ascertaining or notifying the aggrieved persons, such amount shall be paid to the Federal Consolidated Fund.