Money Services Business Act 2011 · Updated to 1 Oct 2015 · Part II · Licensing
4. Prohibition from carrying on money services business
Official textFrom Laws of Malaysia Online, unchanged
No person shall carry on money services business without a licence issued under this Act.
money
“fund” or “money” includes any unit of account or unit of value that facilitates the purchase of goods or services;
Money Services Business 17
Subsection (1) shall not apply to a money services business agent.
money services business agent
“money services business agent” means a person— (a) appointed by a licensee in accordance with section 43 to carry on money services business on behalf of the licensee; and (b) registered by the Bank as a money services business agent under section 44; *NOTE—The Act was repealed by the Financial Services Act 2013 –see section 271…
The Bank may prescribe different classes, categories or descriptions of licence in respect of money services business.
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.
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;
money services business agent
Defined · s 2“money services business agent” means a person— (a) appointed by a licensee in accordance with section 43 to carry on money services business on behalf of the licensee; and (b) registered by the Bank as a money services business agent under section 44; *NOTE—The Act was repealed by the Financial Services Act 2013 –see section 271…
Part III
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