Money Services Business Act 2011 · s 23

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23.
Use of words “money services business”, etc.
(1)
No person shall, without the prior written approval of the
Bank, use the words “money services business”, “money-changer”,
“currency exchange”, “money exchange”, “forex dealer”, “foreign exchange”, “bureau de change”, “remittance services”, “money transfer”, “money remit”, “funds transfer”, “foreign currency wholesale dealer” or any of their derivatives in any language, or any

30                                          Laws of Malaysia other words in any language capable of being construed as indicating the carrying on of money services business, in relation to its business, or in the name, description or title under which it carries on business or make any representation to such effect in any bill head, letter, notice or advertisement or in any other manner.
(2) Subsection (1) shall not apply to a licensee, a money services business agent, an association of licensees for money services business, an association of employees of licensees for money services business and an authorized dealer.
(3) Any person 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.

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s 23Use of words “money services business”, etc.

(1)

No person shall, without the prior written approval of the

Bank, use the words “money services business”, “money-changer”,

“currency exchange”, “money exchange”, “forex dealer”, “foreign exchange”, “bureau de change”, “remittance services”, “money transfer”, “money remit”, “funds transfer”, “foreign currency wholesale dealer” or any of their derivatives in any language, or any

(2)

Subsection (1) shall not apply to a licensee, a money services business agent, an association of licensees for money services business, an association of employees of licensees for money services business and an authorized dealer.

(3)

Any person 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.