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.

Report

Read on from s 24

Part IV

Remittance Business

Read on from Part IV

Part V

Money Services Business Agents

Read on from Part V

Part VI

Examination

Read on from Part VI

Part VII

Investigation and Enforcement

Read on from Part VII

Part VIII

Other Powers of the Bank

Read on from Part VIII

Part IX

Miscellaneous

Read on from Part IX

Part X

Repeal, Savings and Transitional

Read on from Part X