Malaysia legislation
Section 19
Section 19
Section 21 of the principal Act is amended—
(a)
in the shoulder note, by substituting for the words
“supervisory or licensing authority” the words
“regulatory or supervisory authority or licensing authority”;
(b)
in subsection (1)—
(i)
by substituting for the words “The relevant supervisory authority of a reporting institution or such other person as the relevant supervisory authority may deem fit may” the words
“The relevant regulatory or supervisory authority of a reporting institution may”;
(ii)
by inserting after paragraph (a) the following paragraph:
“(aa) obtain from the reporting institution, or the director, officer or employee of the reporting institution any information, document, record or report as it deems fit to monitor the reporting institution from being exposed to money laundering, terrorism financing and restricted activity financing risks;”; and
(iii)
in paragraph (b), by substituting for the words
“adopts and implements the compliance programmes in section 19” the words “complies with the provisions of this Part”;
(c)
by inserting after subsection (1) the following subsection:
“(1a) For the purposes of paragraph (1)(aa), the reporting institution, or the director, officer or employee of the reporting institution shall give the required information, document, record or report to the relevant regulatory or supervisory authority of the reporting institution within such period as the regulatory or supervisory authority may specify.”;
(d)
in subsection (3), by substituting for the words
“The relevant supervisory authority” the words
“The relevant regulatory or supervisory authority”; and
(e)
by inserting after subsection (3) the following subsection:
“(4) Any reporting institution which, or the director, officer or employee of the reporting institution who, contravenes subsection (1a) commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit.”.
Deletion of section 22