Money Services Business Act 2011 · Updated to 1 Oct 2015 · Part I · Preliminary
2. In this Act, unless the context otherwise requires —
Official textFrom Laws of Malaysia Online, unchanged
“accounts” includes records of any financial transactions of licensees;
“repealed Act” means the Money-Changing Act 1998 [Act 577];
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“unsafe and unsound practices” means any practice or conduct by a licensee or a money services business agent which creates the likelihood of insolvency, loss or dissipation of the assets of the licensee or the money services business agent, or is otherwise detrimental to the interest of its customers or the public;
“Bank” means the Central Bank of Malaysia;
“licensed bank” means—
a licensed bank with the same meaning as assigned to it in
*section 2 of the Banking and Financial Institutions Act 1989 [Act 372]; or
an Islamic bank with the same meaning as assigned to it in
**section 2 of the Islamic Banking Act 1983 [Act 276];
“fund” or “money” includes any unit of account or unit of value that facilitates the purchase of goods or services;
“data” means representations of information or concepts that are being prepared or have been prepared in a form suitable for use in a computer;
“money services business agent” means a person—
appointed by a licensee in accordance with section 43 to carry on money services business on behalf of the licensee; and
registered by the Bank as a money services business agent under section 44;
*NOTE—The Act was repealed by the Financial Services Act 2013 [Act 758]–see section 271 of Act 758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].
** NOTE—The Act was repealed by the Islamic Financial Services Act 2013 [Act 759]–see section 282
of Act 759 w.e.f. 30 June 2013 (except paragraphs 1 to 10 of Schedule 9 and paragraphs 13 to 19 of
Schedule 9) [P.U.
277/2013] and 1 January 2015 (for paragraphs 1 to 10 of Schedule 9 and paragraphs 13 to 19 of Schedule 9) [P.U. (B) 553/2014].
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“Governor” means the Governor of the Bank and includes a
Deputy Governor of the Bank;
“property” means—
assets of every kind, whether corporeal or incorporeal, moveable or immovable, tangible or intangible, however acquired; or
legal documents or instruments in any form, including electronic or digital, evidencing title to, or interest in, such assets, including bank credits, traveller’s cheques, bank cheques, money orders, shares, securities, bonds, drafts and letters of credit;
“licence” means a licence granted under section 7;
“chief executive officer”, in relation to a licensee, means a person, by whatever name called, who, either individually or jointly with one or more other persons, is responsible, subject to the authority of the board of directors of the licensee, for the conduct of the business and the management of the licensee;
“computer” means any device for recording, storing, processing, retrieving or producing any information or other matter, or for performing any one or more of those functions, by whatever name or description that device is called, and where two or more computers carry out any one or more of those functions in combination or in succession or otherwise conjointly, they shall be treated as a single computer, whether the computers are located within the same premises or otherwise, whether in or outside Malaysia;
“information” includes explanations as may be required by the
Bank;
“foreign currency” means currency notes or coins which are legal tender in any country, territory or place outside Malaysia, and includes any right to receive foreign currency in such form as the
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Bank may prescribe, but excludes such foreign currency as the Bank may prescribe;
“specify” means specify in writing, and a power to specify includes the power to specify differently for different persons or different classes, categories or descriptions of persons, and to amend any specification;
“prescribe” means prescribe by regulations published in the
Gazette, and a power to prescribe includes the power to prescribe differently for different persons or different classes, categories or descriptions of persons;
“Minister” means the Minister charged with the responsibility for finance;
“computer output” means a statement or a representation, whether in written, printed, pictorial, film, graphical, acoustic or other form—
produced by a computer;
displayed on the screen of a computer; or
accurately translated from a statement or representation so produced;
“office” includes the principal place of business, a branch, an agency, a mobile place of business, a place of business set-up and maintained for a limited period only, and an electronic terminal or platform and any other place from where, or at which, a money services business is or was carried on;
“employee”, in relation to a licensee, has the same meaning as assigned to it in the Employment Act 1955 [Act 265] and includes the chief executive officer and the manager;
“licensee” means a person licensed under this Act;
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“substantial shareholdings” and “substantial shareholders” have the same meaning as assigned to them in section 69D of the
Companies Act 1965 [Act 125];
“director” includes any person who occupies the position of a director, by whatever name called, and, in particular, without prejudice to the foregoing, in the case of—
a corporation, has the same meaning as assigned to it in section 4 of the Companies Act 1965;
a statutory body, means a member of the board, committee, council or other governing body, by whatever name called, of the statutory body;
a partnership, means a partner;
a sole proprietorship, means the sole proprietor; and
any other body, association or group of persons, whether corporate or unincorporated, means any person having the direction and control of the management of its affairs or business;
“controller”, in relation to a licensee, means a person who, either alone or with any associate—
has an interest in more than fifty per centum of the shares of the licensee;
has an interest in one-third or more of its voting shares;
has the power to appoint or cause to be appointed a majority of the directors of the licensee;
has the power to make or cause to be made, decisions in respect of the conduct of the business or the management of the licensee and to give effect to such decisions or cause them to be given effect to; or
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is the chief executive officer of the licensee or of a body corporate of which the subsidiary is a licensee, and the word “control” shall be construed accordingly;
“manager”, in relation to a licensee, means an officer of the licensee by whatever name called, responsible for an office of the licensee, or for a department or a division of such licensee;
“authorized dealer”, in relation to foreign currency, means a person for the time being authorized by an order of the Controller of
Foreign Exchange under the *Exchange Control Act 1953 [Act 17] to act for the purposes of that Act as an authorized dealer;
“wholesale currency business” means the business of—
buying or selling foreign currency with an authorized dealer, a licensee or any person outside Malaysia, as the case may be;
importing foreign currency notes from, or exporting foreign currency notes to, any person outside Malaysia; or
such other business as the Bank may prescribe;
“remittance business” means the business of transferring funds or facilitating the transfer of funds, whether in any form or by any means or whether there is any movement of funds or not, on behalf of an originator person in or outside Malaysia, with a view to making the funds available to a beneficiary person in or outside Malaysia and the originator person and the beneficiary person may be the same person, but excludes such other businesses, activities, systems or arrangements as the Bank may prescribe;
* 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].
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“money-changing business” means any or all of the following businesses:
the business of entering into an exchange transaction at a rate of exchange;
the business of buying or selling travellers’ cheques, on behalf of an issuer of travellers’ cheques, at a rate of exchange;
such other business as the Bank may prescribe;
“money services business” means any or all of the following businesses:
money-changing business;
remittance business;
wholesale currency business;
“premises” include—
a structure, whether or not movable or offshore, physical or otherwise, building, tent, vehicle, vessel, hovercraft or aircraft;
a place, whether or not enclosed or built upon; and
part of any premises, including premises of a kind referred to in paragraph (a) or (b);
“programme” means data representing instructions or statements that, when executed in a computer, causes the computer to perform a function, which includes logic, control, arithmetic, deletion, storage, and retrieval, and communication or telecommunication to, from or within a computer;
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“ringgit” means currency notes or coins which are legal tender in
Malaysia and includes any right to receive ringgit in such form as the
Bank may prescribe;
“company” has the same meaning as assigned to it in section 4 of the Companies Act 1965;
“appointed date” means the date of coming into operation of this
Act;
“exchange transaction” means an exchange of one foreign currency with ringgit or with another foreign currency.
Part II
Licensing
Part III
Part IV
Remittance Business
Part V
Money Services Business Agents
Part VI
Examination
Part VII
Investigation and Enforcement
Part VIII
Other Powers of the Bank
Part IX
Miscellaneous
Part X