Money Services Business Act 2011 · Updated to 1 Oct 2015 · Part III
Section 21
Official textFrom Laws of Malaysia Online, unchanged
(1)
No licensee shall open or relocate an office in Malaysia without the prior written approval of the Bank.
A licensee shall apply in writing for the written approval of the Bank under subsection (1)—
in such form and manner together with such documents as the Bank may specify; and
Money Services Business 29
by submitting such information as the Bank may prescribe.
The Bank, in granting its approval under subsection (1), may impose such conditions as it thinks fit.
A licensee who contravenes subsection (1) or fails to comply with any condition imposed under subsection (3) 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.
Terms defined in s 2
money
Defined · s 2“fund” or “money” includes any unit of account or unit of value that facilitates the purchase of goods or services;
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