Malaysia legislation
Section 18
Section 18
Section 19 of the principal Act is amended—
(a)
in subsection (1)—
(i)
by inserting after the words “A reporting institution”
the words “, or the director, officer or employee of the reporting institution”; and
(ii)
by inserting after the words “internal programmes, policies, procedures and controls” the words
“, as the competent authority may specify,”;
(b)
in subsections (3) and (5), by inserting after the words
“A reporting institution” the words “, or the director, officer or employee of the reporting institution”; and
(c)
by inserting after subsection (5) the following subsections:
“(6) For the purposes of this section, the competent authority may issue any directions, instruction, guideline, circular, standard, notice, specification or requirement to, or impose any condition on, the reporting institution, or the director, officer or employee of the reporting institution on compliance programmes.
(7)
The reporting institution, or the director, officer or employee of the reporting institution shall comply with the directions, instruction, guideline, circular, standard, notice, specification or requirement issued, or the condition imposed under subsection (6).
(8)
Any reporting institution which, or the director, officer or employee of the reporting institution who, contravenes subsection (1), (3), (4), (5) or (7) commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit.”.
Anti-Money Laundering, Anti-Terrorism
Financing and Proceeds of Unlawful
Activities (Amendment)
17
Amendment of section 21