s 95 Grant of licence to persons deemed to be licensed or permitted to carry on business
(1) Where the remaining period of validity of the licence or the permission referred to in section 94— (a) is less than two years from the appointed date, such person shall apply under section 5 for a licence to carry on money services business within three months from the appointed date or such further period as the Bank may specify; or (b) is two years or more from the appointed date, such person shall apply under section 5 for a licence to carry on money services business within six months from the appointed date or such further period as the Bank may specify. (2) Where the period of validity of the licence or the permission referred to in section 94 is not specified, such person shall apply under section 5 for a licence to carry on money services business within six months from the appointed date or such further period as the Bank may specify. (3) An application under subsection (1) or (2) for a licence to carry on remittance business shall be submitted together with the application to obtain the prior written approval of the Bank under section 40 to utilise a remittance system, whether its own system or the system of a third party. (4) A person referred to in paragraph 94(1)(d) shall be deemed to have obtained the written approval of the Bank under section 40 to utilise a remittance system upon the granting of such approval to a licensee under that section by the Bank. (5) The Bank may grant a licence under section 7 to a person referred to in subsection (1), or (2) with or without conditions, or refuse to grant a licence. (6) The licence or permission of a person referred to in section 94 shall be revoked— (a) if subsection (1) or (2) is not complied with, upon the expiry of the period specified in that subsection; or (b) if subsection (1) or (2) is complied with but a licence is refused under section 7, on the date of the refusal. (7) Where the Bank proposes not to grant a licence under this Act to a person referred to in section 94, the Bank shall give the person written notice setting out the intention of the Bank and the grounds for not granting the licence. (8) The person shall be given an opportunity to make written representation to the Bank within fourteen days from the date of the written notice by the Bank. (9) Where no written representation is received by the Bank within the period specified under subsection (8), the Bank shall not grant a licence. (10) Where written representation is received, the Bank shall, after considering the representation, give the person written notice of its decision. (11) Where the Bank grants a licence under section 7 to a person referred to in section 94, the licensee shall comply with the provisions of this Act by increasing its capital funds to such amount as the Bank may prescribe within one year from the date the licence is granted. (12) A licensee who fails to comply with any condition imposed under subsection (5) 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.