Financial Services Act 2013 s 29
s 29 Acting on behalf of unlicensed person
(1) No person shall act on behalf of a foreign institution or any person who is not licensed under this Act in relation to carrying on banking business, investment banking business, insurance business or accepting deposits in Malaysia unless approved in writing by the Bank.
(2) Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding ten years or to a fine not exceeding fifty million ringgit or to both.
Malay text (authoritative)
Bertindak bagi pihak orang tidak berlesen
(1) Tiada seorang pun boleh bertindak bagi pihak institusi asing atau mana-mana orang yang tidak dilesenkan di bawah Akta ini berhubungan dengan penjalanan perniagaan perbankan, perniagaan pelaburan perbankan, perniagaan insurans atau penyetujuterimaan deposit di Malaysia melainkan jika diluluskan secara bertulis oleh Bank.
(2) Mana-mana orang yang melanggar subseksyen (1) melakukan suatu kesalahan dan boleh, apabila disabitkan, dipenjarakan untuk tempoh tidak melebihi sepuluh tahun atau didenda tidak melebihi lima puluh juta ringgit atau kedua-duanya.
Read this section in the full act β Β· Open Division 6 β
Find Act 758 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).
