6. Requirements for a licence

every person who is, or is to be, a substantial shareholder, director, controller, chief executive officer, or manager of the applicant has fulfilled the minimum criteria of a “fit and proper” person as the Bank may prescribe;

the applicant has a sound business plan;

the applicant has appropriate, sound and adequate governance arrangements, internal control mechanisms and procedures to manage the operations of the intended money services business activities;

the applicant has appropriate, sound and adequate internal control mechanisms and compliance programmes to comply with the requirements of the Anti-Money

the applicant has the financial capability to satisfy the capital requirements as the Bank may prescribe;

the information and documents furnished by the applicant to the Bank are true and accurate; and

the applicant has met other requirements which are necessary to manage the operations of the money services business as the Bank may specify.

any matter relating to any person who is or will be employed by, or associated with, the applicant for the purpose of the money services business of the applicant;

any matter relating to any related or associate corporation or to any substantial shareholder, director, controller or chief executive officer of the applicant;

any information relating to the applicant in the possession of the Bank whether provided by the applicant or not; and

whether the granting of the licence would be beneficial to the national and economic interest of Malaysia.