Duty to submit accurate information
Where under any provision of this Act power is given to the Bank to require any person, or where any person is required under any provision of this Act, to submit to the Bank any information, statistics, return or document—
(a) the Bank may specify that such information, statistics, return or document shall be submitted within such period, at such intervals, in such manner, in such form, and in writing or by means of any visual recording, whether of still or moving images, or any sound recording, or any electronic, magnetic, mechanical, or other recording, on any substance, material, thing or article, as the Bank may set out in the specification; and
(b) such person shall not submit, produce or provide any information, statement, statistics, return or document which he knows, or has reason to believe, to be false or misleading. Appeal against a decision of the Bank
(1) If any person disagrees with any decision by the Bank in relation to subsection 5(4), 8(1), 23(1), 26(1), 32(1), 33(1) or 61(1), such person may within twenty-one days, or within such extended period of time as the Bank may allow, appeal in writing against the decision of the Bank to the Minister whose decision shall be final.
(2) Every appeal under subsection (1) shall be submitted to the Bank and the Bank shall forward the written appeal to the Minister together with the Bank's recommendation.
(3) If within the period specified in subsection (1) the person appeals to the Minister, the decision of the Bank shall not take effect unless the Minister confirms the decision or, for any reason, dismisses the appeal, or the appeal is withdrawn. Exemptions
The Bank may, if it is consistent with the purposes of this Act, by order published in the Gazette, exempt any particular person or any class, category or description of persons, from all or any of the provisions of this Act, for such duration, and subject to such condition, as the Bank may specify in the order. Moneys received by the Bank
All moneys received by the Bank pursuant to this Act including fees collected under subsection 5(3) and paragraph 25(1)(b), moneys collected for the compounding of an offence under section 60 and administrative penalties under section 61 shall form part of the funds of the Bank. Regulations
(1) The Bank may, with the approval of the Minister, make such regulations as may be-
(a) required or permitted by this Act to be prescribed by regulations;
(b) necessary or expedient for—
(i) giving full effect to the provisions of this Act;
(ii) carrying out or achieving the objects and purposes of this Act; or
(iii) the further, better or more convenient implementation of the provisions of this Act.
(2) Without prejudice to the generality of subsection (1),. regulations may be made-
(a) to provide that any act or omission in contravention of aný provision of such regulations shall be an offence;
(b) to provide for the imposition of penalties for such offences which shall not exceed a fine of one million ringgit or imprisonment for a term not exceeding one year or both;
(c) to provide for the imposition of an additional penalty for a continuing offence which shall not exceed one thousand ringgit for each day that the offence continues after conviction.
(3) Notwithstanding anything contained in any—
(a) approval, directive, acknowledgement, notice, standard or guideline issued under this Act; or
(b) rules and procedures governing a payment system or payment instrument, every operator or issuer shall comply with any regulations made under subsection (1) and where there is any conflict or inconsistency between anything contained in paragraph (a) or (b) and the regulations, the provisions of the regulations shall prevail and have full force and effect. Power to issue guidelines, etc.
The Bank may, generally in respect of this Act, or in respect of any particular provision of this Act, or generally in respect of the conduct of all or any of the operators of payment systems or issuers of payment instruments, issue such guidelines, circulars, standards or notices as the Bank may consider desirable. Contravention not to affect contract, agreement or arrangement
(1) Except as otherwise provided in this Act, or in pursuance of any provision of this Act, no contract, agreement or arrangement entered into in contravention of any provision of this Act shall be void solely by reason of such contravention.
(2) Subsection (1) shall not affect any criminal liability of any person for an offence under this Act in respect of such contravention.
Indemnity
No action, suit, prosecution or other proceedings shall lie or be brought, instituted or maintained in any court or before any authority against the Minister or the Bank or any of its directors and officers, or any person acting on its behalf, either personally or in his official capacity, for, on account of, or in respect of an act done or statement made, or omitted to be done or made, or purporting to be done or made, or omitted to be done or made, in pursuance of or in execution of, or intended pursuance or execution of, this Act or any order, directive, instruction or other thing issued under this Act if such act or statement was done or made, or was omitted to be done or made, in good faith. Secrecy
(1) No director or officer of any operator or issuer, whether during his tenure of office, or during his employment, or thereafter, shall give, produce, divulge, reveal, publish or otherwise disclose to any person, or make a record for any person of, any information or document relating to the affairs or account of any participant of a payment system or user of a payment instrument.
(2) No person who for any reason, has by any means access to any record, book, register, correspondence, or other document, or material, relating to the affairs or, in particular, the account, of any particular operator of a designated payment system, participant of a payment system or user of a payment instrument, shall give, produce, divulge, reveal, publish or otherwise disclose to any person, or make a record for any person of, any information or document relating to the affairs or account of such operator of a designated payment system, participant of a payment system or user of the payment instrument.
(3) No person who has any information or document which to his knowledge has been disclosed in contravention of subsections
(2) or (3) shall in any manner disclose the information or document to any other person.
Disclosures to the Bank and persons appointed by the Bank
(1) The provisions of section 73 shall not apply to the disclosure of any information or document—
(a) to the Bank, as is required tor the purposes of the credit bureau established under paragraph 30(1)(mmm) of the Central Bank of Malaysia Act 1958;
(b) to the Bank, or to any director or officer of the Bank, or to any person appointed by the Bank under subsection 4(3) where the disclosure is for the purpose of the exercise of powers, the performance of functions or the discharge of duties of the Bank, or of the director or officer of the Bank, or of the person appointed under subsection 4(3);
(c) to any person rendering professional services to the Bank in relation to any matter of law, accountancy, valuation, or any other matter requiring professional knowledge, where he is authorized in writing by the Bank to obtain the information from the operator or issuer for the purpose of his services to the Bank.
(2) Where the Bank, in the course of the exercise of any of its powers, or the performance of any of its functions, or the discharge of any of its duties under this Act or under any other written law, suspects any person to have committed any offence under this Act or any other written law, it shall be lawful for the Bank to give information of such commission to any police officer or to convey any or all information in relation to such offence to any authority or person having power to investigate under, or enforce, the provision of the law under which the offence is suspected by the Bank to have been committed.
(3) Subsection (2) shall have full force and effect, notwithstanding anything inconsistent therewith, or contrary thereto, in this Act or in any other written law. Other permitted disclosure
The provisions of section 73 shall not apply to the disclosure of any information or document—
(a) which at the time of the disclosure is, or has already been made, lawfully available to the public from any source other than the operator or issuer;
(b) which is in the form of a summary, consolidation, aggregate or collection of information set out in such manner as does not enable information relating to any particular participant or any particular user of a payment instrument to be ascertained from it;
(c) which the customer, or his personal representative, has given permission in writing to disclose;
(d) where such disclosure is required or authorized under any other provision of this Âct;
(e) where such disclosure is authorized in writing by the Bank; or
(f) where such disclosure is required or authorized by any court or under any written law. Application of the Exchange Control Act 1953
Nothing contained in this Act shall in any manner affect, or. derogate from, the provisions of the Exchange Control Act 1953, sindh ip theispon sail anp ay subrecis tonoe provisio to or aar soa, and, accordingly, in the event of any conflict or inconsistency between any provision of this Act and that Act, the provisions of that Act shali prevail. Savings
(1) An issuer of a designated payment instrument who has obtained approval under paragraph 19(1)(b) of the Banking and Financial Institutions Act 1989 shall be deemed to have obtained approval under subsection 24(1) in respect of the issuance of that designated payment instrument.
(2) Any designated payment instrument issued pursuant to an approval under subsection 119(1) of the Banking and Financial Institutions Act 1989 shall be deemed to have been approved under subsection 24(1).
(3) An operator of a payment system who has obtained approval under subsection 119(1) of the Banking and Financial Institutions Act 1989 shall be deemed to have complied with the requirements and received the notification under subsection 4(1).
(4) Every guideline and circular issued by the Bank under section 126 of the Banking and Financial Institutions Act 1989 in relation to paragraph 19(1)(b) and subsection 119(1) of the Banking and Financial Institutions Act 1989 shall be deemed to have been lawfully issued under section 70 of this Act in relation to the particular provisions of this Act corresponding to the matter dealt with in the guideline or circular and shall remain in full force and effect until it is amended, rescinded or replaced under this Act.
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Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
