Malaysia legislation
Section 4
Section 4
Amendment of section 2
(a)
by substituting for the definition of “licensed bank”
the following definition:
‘ “licensed bank” means—
(a)
a licensed bank under the Financial Services
Act 2013 [Act 758]; or
(b)
a licensed Islamic bank under the Islamic
Financial Services Act 2013 [Act 759];’;
(b)
by inserting after the definition of “foreign currency”
the following definition:
‘ “facilitating the transfer of funds” includes any one or more of the following acts:
(a)
offering services to transfer funds;
(b)
accepting or receiving funds;
(c)
transporting funds;
(d)
arranging for transfer of funds;
(e)
issuing receipt for transfer of funds;
(f)
utilising a system to transfer funds;
(g)
allowing an account to be used for transfer or receipt of funds; or
Money Services Business (Amendment)
(h)
engaging in any form of settlement activity, including net settlement, set-off and debt assignment, arising from transfer of funds;’;
(c)
in the definition of “substantial shareholdings” and
“substantial shareholders” by substituting for the words
“section 69d of the Companies Act 1965 [Act 125]”
the words “section 136 of the Companies Act 2016
[Act 777]”;
(d)
in the definition of “director”, in paragraph (a), by substituting for the words “section 4 of the Companies
Act 1965” the words “section 3 of the Companies
Act 2016”;
(e)
by deleting the definition of “authorized dealer”;
(f)
in the definition of “wholesale currency business”, in paragraph (a), by substituting for the words
“an authorized dealer” the words “a licensed bank”;
(g)
by substituting for the definition of “remittance business”
the following definition:
‘ “remittance business” means—
(a)
the business of transferring funds; or
(b)
the business of facilitating transfer of funds, whether in any form or by any means or whether there is any movement of funds or not, on behalf of an originator person in or outside Malaysia to a beneficiary person in or outside Malaysia, and the originator person and the beneficiary person may be the same person, but excludes such other business, activity, system or arrangement as the Bank may prescribe;’; and
(h)
in the definition of “company”, by substituting for the words “section 4 of the Companies Act 1965”
the words “subsection 2(1) of the Companies Act 2016”.
Amendment of section 4