Labuan Financial Services and Securities Act 2010 s 98
Labuan Financial Services and Securities Act 2010 s 98
s 98 Prohibition of certain accounts
(1) No bank licensee shall accept any money on deposit or loan which is repayable on demand by cheque, draft, order or any other instrument drawn by the depositor on the bank licensee.
(2) Every bank licensee shall conduct proper due diligence enquiries prior to opening any account for a customer.
(3) Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding ten million ringgit or to imprisonment for a term not exceeding five years or to both, and in the case of a continuing offence, shall, in addition, be liable to a daily fine not exceeding ten thousand ringgit for each day the offence continues to be committed.
Malay text (authoritative)
Larangan mengenai akaun tertentu
(1) Tiada pemegang lesen bank boleh menerima apa-apa wang atas deposit atau pinjaman yang boleh dibayar balik atas tuntutan melalui cek, draf, perintah atau apa-apa surat cara lain yang dikeluarkan oleh pendeposit daripada pemegang lesen bank.
(2) Tiap-tiap pemegang lesen bank hendaklah menjalankan siasatan dengan usaha sewajarnya sebelum membuka apa-apa akaun bagi seseorang pelanggan.
(3) Mana-mana orang yang melanggar subseksyen (1) melakukan suatu kesalahan dan boleh, apabila disabitkan, didenda tidak melebihi sepuluh juta ringgit atau dipenjarakan selama tempoh tidak melebihi lima tahun atau kedua-duanya, dan dalam hal kesalahan yang berterusan, boleh sebagai tambahan, dikenakan denda harian tidak melebihi sepuluh ribu ringgit bagi setiap hari kesalahan itu terus dilakukan.
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).
