Money Services Business Act 2011 s 7
s 7 Grant or refusal of licence
(1) The Bank may, after considering the application for a licence under section 5 and being satisfied that all the requirements under subsection 6(1) have been complied with and all matters under subsection 6(3) have been taken into account, grant a licence or refuse to grant the licence.
(2) The Bank may impose such conditions as it considers appropriate in granting a licence.
(3) The duration of a licence shall be for a period as the Bank may prescribe.
(4) A licensee who fails to comply with any condition imposed under subsection (2) 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 ten years or to both.
Malay text (authoritative)
Pemberian atau keengganan memberikan lesen
(1) Bank boleh, selepas mempertimbangkan permohonan bagi suatu lesen di bawah seksyen 5 dan setelah berpuas hati bahawa kesemua kehendak di bawah subseksyen 6(1) telah dipatuhi dan kesemua perkara di bawah subseksyen 6(3) telah diambil kira, memberikan suatu lesen atau enggan memberikan suatu lesen.
(2) Bank boleh mengenakan apa-apa syarat yang difikirkannya sesuai dalam memberikan sesuatu lesen.
(3) Tempoh sesuatu lesen hendaklah bagi suatu tempoh sebagaimana yang ditetapkan oleh Bank.
(4) Seseorang pemegang lesen yang tidak mematuhi apa-apa syarat yang dikenakan di bawah subseksyen (2) melakukan suatu kesalahan dan boleh, apabila disabitkan, didenda tidak melebihi lima juta ringgit atau dipenjarakan selama tempoh tidak melebihi sepuluh tahun atau kedua-duanya.
Read this section in the full act β Β· Open Part II β
Find Act 731 on lom.agc.gov.my β
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).
