Banking and Financial Institutions Act 1989 · s 31

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 31

(1)

Subject to subsection (2), a licensed bank or a licensed merchant bank may establish a correspondent banking relationship with any bank outside Malaysia.

(2)

The Bank may prescribe by order that such licensed bank or licensed merchant bank as may be set out in the order shall not, except with the prior written approval of the Minister given on the recommendation of the Bank, establish a correspondent banking relationship with any bank established in any country, territory or place outside Malaysia, which may be set out in the order, or with any bank owned or controlled, directly or indirectly, by the government, or an agency of the government, of such country, territory or place.