Malaysia legislation
Section 44
Section 44
The principal Act is amended by inserting after section 66f the following section:
“Examination of compliance with Part VIa 66g. (1) The competent authority or the regulatory or supervisory authority, as the case may be, may examine, supervise, regulate and verify, through regular examination, any institution under its regulation or supervision to ensure the institution comply with this Part.
(2)
For the purposes of subsection (1), the competent authority or the regulatory or supervisory authority may authorize an examiner to—
(a)
examine any record or report of the institution in relation to its obligations under this Part, which are kept at, or accessible from, the premises of the institution;
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(b)
examine any system used by the institution at its premises for keeping the record or report;
(c)
ask any question in relation to any record, system or report of the institution; and
(d)
make any note or take any copy of the whole or part of any business transaction or activity of the institution.
(3)
In exercising the powers under subsection (2), the examiner may examine—
(a)
a person who is, or was at any time, a director, an officer or an agent of the institution;
(b)
a person who is, or was at any time, a customer or otherwise having dealings with the institution; or
(c)
a person whom he believes to be acquainted with the facts and circumstances of the case, including an auditor or an advocate and solicitor of the institution.
(4)
Any person examined under this section shall—
(a)
give any document or information to the examiner within such time as the examiner may specify; or
(b)
appear before the examiner at his office upon being called to do so at such time as the examiner may specify.
(5)
Any person who contravenes subsection (4) commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit or to imprisonment for a term not exceeding five years or to both, and, in the case of a continuing offence, shall in addition be liable to a fine not exceeding three thousand ringgit for each day or part thereof during which the offence continues to be committed.
(6)
Notwithstanding any other written law, an agent, including an auditor or an advocate and solicitor of an institution, shall not be liable for breach of a contract relating to, or a duty of, confidentiality for giving any document or information to the examiner.”.
New Part VIb