Section 192
of Malaysia Deposit Insurance Corporation Act 2011
ActIn forceProvision 212 of 236
Section 192
(1)
No person shall hold itself out to be a member institution, or represent that any of its liabilities or those of any other person are insured under the deposit insurance system or protected under the takaful and insurance benefits protection system, unless it or such other person is a member institution.
(2)
Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both and shall, in addition, be liable to a daily fine not exceeding fifty thousand ringgit for every day the offence continues after conviction.
False statements