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In forceUpdated to 1 Oct 2015Read it in Bahasa Malaysia
Contents

Part IV · Remittance Business

39. Operational requirements

(1)

A licensee who carries on remittance business shall comply with—

(a)

the maximum remittance transaction limit;

(b)

the time frame for outward remittance instructions for disbursement of funds to be conveyed to its correspondent agent;

(c)

the time frame for inward remittance funds to be made available for collection or delivered to the beneficiary; and

(d)

any other requirements, as the Bank may prescribe.

(2)

A licensee who contravenes subsection (1) commits an offence.

Use of remittance system by a licensee who carries on remittance

Business

*40. (1)

No licensee who carries on remittance business shall utilise a remittance system, whether its own system or a system of a third party, without the prior written approval of the Bank.

*See paragraph 94(1)(d).

44 Laws of Malaysia

(2)

The remittance system under subsection (1) shall meet the minimum requirements as the Bank may prescribe.

(3)

The Bank, in granting its approval under subsection (1), may impose such conditions as it thinks fit and such conditions shall be complied with by the licensee.

(4)

A licensee who contravenes subsection (1) or (3) commits an offence.

Report

Read on from s 41

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

Schedules