Money Services Business Act 2011 · Updated to 1 Oct 2015 · Part III
31. Appointment of auditor
Official textFrom Laws of Malaysia Online, unchanged
A licensee, at its own expense, shall appoint annually an auditor who fulfils the requirements as the Bank may prescribe, to carry out an audit of its money services business.
A licensee shall notify the Bank in writing of—
the appointment of an auditor under subsection (1); and
the termination of the appointment of an auditor appointed under subsection (1) and the reasons for such termination, and such notification shall be made to the Bank within fourteen days of such appointment or termination, as the case may be.
Where an auditor appointed by a licensee under subsection (1)
fails to fulfil the requirements as the Bank may prescribe under that subsection during the tenure of his appointment, he shall immediately cease to be the auditor of the licensee and inform such fact to the licensee, and the licensee concerned shall immediately terminate the appointment of the auditor.
The Bank may require an auditor appointed under subsection
to submit to the Bank, at any time, such information as the
Bank may require in relation to the audit carried out by the auditor;
to enlarge or extend the scope of his audit of the money services business and affairs of the licensee;
36 Laws of Malaysia
to carry out an examination or establish any procedure in any particular case; or
to submit a report to the Bank on any matters in paragraphs (b) and (c), within such time as the Bank may specify.
For the purposes of paragraph (4)(a), the information required in relation to the audit may include the following:
financial statements of the money services business;
the volume of transactions relating to the money services business in ringgit equivalent;
a report as to whether proper records of the transactions in relation to the money services business have been maintained; and
a report as to whether the licensee has complied with the provisions of this Act and any other written laws as the
Bank may prescribe.
Where an auditor appointed under subsection (1) in the course of the performance of his duties under this section suspects or has knowledge that the licensee has committed any offence under this
Act or any other written laws, it shall be lawful for and incumbent upon the auditor to give information of such suspicion or commission of an offence to the Bank.
The licensee shall pay the remuneration of the auditor in relation to the services of the auditor under this section.
The Bank, if it thinks that the auditor appointed by the licensee has not carried out his duties to the satisfaction of the Bank, may require the licensee to appoint another auditor.
Money Services Business 37
money
“fund” or “money” includes any unit of account or unit of value that facilitates the purchase of goods or services;
The licensee shall submit a copy of the audit report duly signed by the auditor to the Bank not later than three months or such other period as the Bank may specify, after the end of the financial year of the licensee.
For the purposes of this section, “financial statement”
includes the latest audited annual balance sheet, profit and loss account, and statement setting out the sources of the funds, of a licensee.
A licensee who contravenes subsection (1), (2), (3), (7), (8) or
commits an offence.
An auditor who contravenes subsection (3), (4) or (6)
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