Money Services Business Act 2011 · Updated to 1 Oct 2015 · Part III
30. Appointment of director, chief executive officer or manager
Official textFrom Laws of Malaysia Online, unchanged
No licensee shall appoint a person as a director or chief executive officer unless such person fulfils the minimum criteria of a
“fit and proper” person as the Bank may prescribe and the licensee has obtained the prior written approval of the Bank for the proposed appointment.
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
by submitting such information as the Bank may prescribe.
No licensee shall appoint a person as a manager unless such person fulfils the minimum criteria of a “fit and proper” person as the
Bank may prescribe.
No person shall accept the appointment as a director, chief executive officer or manager of a licensee if such person fails to fulfil the minimum criteria of a “fit and proper” person as the Bank may prescribe.
The Bank shall have full discretion to determine whether a person has fulfilled the minimum criteria of a “fit and proper” person under subsections (1) and (3).
Where a director, chief executive officer or manager fails to fulfil the minimum criteria of a “fit and proper” person as the Bank may prescribe during the tenure of his appointment, he shall
34 Laws of Malaysia immediately cease to hold office in such capacity and act as such, and the licensee shall immediately terminate his appointment in such capacity.
A person who has ceased to hold office under subsection (6)
shall not have any claim whatsoever against the Bank or be entitled to compensation from the Bank for any damage or loss suffered by or caused to him by the loss or termination of his office.
During the pendency of any criminal proceedings in any court for any offence under any written law involving fraud, dishonesty, corruption or other offences of the same kind against any person who is a director, chief executive officer or manager of a licensee, such person shall not act in such capacity, hold any other office, or act in any other capacity, in that licensee, or in any manner, whether directly or indirectly, be concerned with or take part or engage in, any activity, affairs or business whatsoever of or in relation to that licensee, except as may be authorized by the Bank, subject to such conditions as the Bank may impose and such conditions shall be complied with by such person.
For the purpose of subsection (8), criminal proceedings referred to shall be deemed to be pending from the date the accused person is first charged in court for the offence until the date of the final conclusion of the proceedings, whether in the court of original jurisdiction or, in the event of any appeal by any party, in the court of final appellate jurisdiction.
A licensee shall notify the Bank in writing of the fact that its director, chief executive officer or manager—
has ceased to hold office in such capacity; or
is involved in the criminal proceedings referred to in subsection (8), and the reasons therefor within fourteen days from the date of the cessation of office or the charge, as the case may be.
Money Services Business 35
Any person who contravenes subsection (1), (3), (4), (6), (8)
or (10) commits an offence.
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