Central Bank of Malaysia Act 2009 · Updated to 1 Nov 2020 · Part XII · International Matters
82. Regulations or directions to discharge Government’s international obligations under United Nations Security Council Resolutions
Feedback & supportWhere the Security Council of the United Nations decides, in pursuance of Article 41 of the Charter of the United Nations, on measures to be employed to give effect to any of its decision and calls upon the Government of Malaysia to apply such measures, the Bank may, in relation to the measures that are within the functions and duties of the Bank, with the approval of the Minister, make regulations for, or issue directions in writing to any financial institution or class of financial institutions to enable those measures to be effectively applied.
Bank
“Bank” means Bank Negara Malaysia or in English, the “Central Bank of Malaysia”;
Any financial institution for which the regulations are made or to which directions are issued under subsection (1) shall comply with the regulations or directions notwithstanding any other duty imposed on the financial institution by any contract or law or international agreement.
financial institution
“financial institution” means a person carrying on a financial business regulated under the laws enforced by the Bank and in addition includes any— (a) person who operates any payment system or issues any payment instrument; and (b) person carrying on any other financial business as the Minister may prescribe;
Any financial institution shall not, in carrying out any act in compliance with the regulations made or directions issued under subsection (1), be treated as being in breach of any such contract or law or international agreement.
Any financial institution who fails to comply with subsection
commits an offence and shall, on conviction, be liable to a fine not exceeding one hundred thousand ringgit.
82 Laws of Malaysia ACT 701