Payment Systems Act 2003 s 5

This legislation has been repealed. Do not cite it as law in force.

Text recovered by OCR from a scanned copy — section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.

s 5 Operation of payment systems

(1) No person shall operate any payment system unless he has complied with the requirements of subsection (3) and has received a written notification from the Bank that he has so complied. (2) The written notification under subsection (1) is not an approval or endorsement of the payment system by the Bank. (3) A person referred to in subsection (1) shall submit to the Bank the documents and information as prescribed by the Bank, together with such fees as may be prescribed by the Bank. (4) Notwithstanding subsection (1), the Bank may, by written notice, prohibit a person from operating any payment system where— (a) the payment system is detrimental to the reliable, safe, efficient and smooth operation of the payment systems of Malaysia; or (b) the prohibition is in the interest of the public. (5) The Bank shall give the person referred to in subsection (4) a reasonable opportunity to make representations before making a decision to impose the prohibition under that subsection. Designation of payment systems

Malay text (authoritative)

Pengendalian sistem pembayaran

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Find Act 627 on lom.agc.gov.my ↗

Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.

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).

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