AKTA MATA WANG 2020

) This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette and the Minister may appoint different dates for the coming into operation of different Parts or provisions of this Act.

Interpretation

the sorting of currency note or currency coin by authenticity or quality; or

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the packing of currency note or currency coin by quality, quantity or denomination;

“Bank” has the same meaning assigned to it in subsection 2(1)

of the Central Bank of Malaysia Act 2009 [Act 701];

“Governor” means the Governor of the Bank;

“financial institution” means—

a licensed bank under the Financial Services Act 2013

[Act 758], a licensed Islamic bank under the Islamic

Financial Services Act 2013 [Act 759] and a prescribed institution under the Development Financial Institutions

Act 2002 [Act 618]; or

any person declared as a financial institution in the

First Schedule;

“instruments and materials” includes—

relating to currency note, origination film, progressive, plate, proof, and unprinted, semi-printed or finished currency note;

relating to currency coin, design, mould, lettering wheel, punch, collar, die, working tool, rimming and lettering block, coin blank and finished currency coin; and

any apparatus, equipment and machinery which are related to the issuance, printing or minting of currency note or currency coin;

“Monetary Penalty Review Committee” means the Monetary

Penalty Review Committee established under section 238 of the

Financial Services Act 2013;

“computer” has the same meaning assigned to it in section 3

of the Evidence Act 1950 [Act 56];

“currency note” means a note issued by the Bank including a commemorative note issued by the Bank for, or to commemorate, a particular event or purpose;

Currency 9

“currency coin” means a coin issued by the Bank including a commemorative coin issued by the Bank for, or to commemorate, a particular event or purpose;

“Minister” means the Minister charged with the responsibility for finance;

“person” means any natural person, corporation, statutory body, local authority, society, trade union, co-operative society, partnership or any other body, organisation, association or group of persons, whether corporate or unincorporated and includes the

Government and any State Government;

“computer output” means a statement or representation, whether in written, printed, pictorial, film, graphical, acoustic or other form—

produced by a computer;

displayed on the screen of a computer; or

accurately translated from a statement or representation so produced;

“registered currency processor” means a person registered under subsection 26(1) to carry on a currency processing business and for the purpose of Division 3 of Part IV includes any financial institution carrying on currency processing activities;

“currency processing business” means—

the business of—

collecting currency note or currency coin;

sorting currency note or currency coin by authenticity and quality; and

packing currency note or currency coin by quality, quantity and denomination, by a person for or on behalf of another person; or

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any activity declared as a currency processing business under section 23.

) A currency note shall be deemed defaced—

if any word, sign, symbol, drawing, caricature, or other thing, has been written, inscribed or in any other manner or by any other means has been shown on its surface;

or

if the currency note is torn, marred, burnt, stained, spoilt or otherwise in any manner mutilated.

) A currency coin shall be deemed tampered with—

if the currency coin is impaired, diminished or lightened otherwise than by fair wear and tear; or

if the currency coin is stamped, engraved or pierced, regardless whether the coin has been diminished or lightened.

Person declared as financial institution

) The Governor shall exercise such powers and perform such functions of the Bank under this Act on behalf of the Bank.

) The Bank may, either generally or in a particular case, appoint any person, including an officer of the Bank, whether in or outside Malaysia—

to exercise any of the powers or perform any of the functions, of the Bank, under this Act on behalf of and in the name of the Bank; or

Currency 11

to render such assistance in the exercise of any of the powers or performance of any of the functions, of the

Bank, under this Act.

) The Bank shall arrange for the printing of currency note and the minting of currency coin.

Issuance, reissuance and exchange of currency at office, etc., established by Bank

shall be in such denomination of ringgit or sen; and

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shall be of such form, characteristics or design, or bear such feature or device, as approved by the Minister, on the recommendation of the

Bank.

) The standard weight and composition of currency coin issued by the Bank and the amount of remedy and variation shall be as approved by the Minister, on the recommendation of the

Bank.

Legal tender

) The currency note and currency coin referred to in subsection (1)

shall be legal tender at its face value for a payment not exceeding the maximum aggregate quantity or value of currency note or currency coin as specified in the Second Schedule.

Sale of currency

) Any proceeds from the sale of currency note or currency coin pursuant to subsection (1) shall be considered as an income to the Bank.

Safe custody of unissued currency, etc.

arrange for the safe custody of unissued currency note or currency coin; and

prepare and keep instruments and materials used for the issuance, printing or minting of currency note or currency coin.

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Power to call in currency

) Upon the expiration of the notice, the currency note or currency coin to which the notice applies shall cease to be legal tender.

) Notwithstanding subsection (2), the Bank shall be liable for the face value of any currency note or currency coin upon presentation at the office of the Bank or at any agency as the

Bank may establish or appoint for such purpose.

Withdrawal of currency

any currency note including currency note which is defaced or unfit for circulation;

any currency coin including currency coin which is worn or tampered with; and

any currency note and currency coin which have been called in pursuant to section 13.

Disposal of currency or printing and minting instruments

) The Bank shall arrange for the destruction of instruments and materials used for the issuance, printing or minting of currency note or currency coin in such manner as the Bank deems fit.

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Refund of lost, stolen or imperfect currency

of any currency note and currency coin which is lost, stolen or imperfect;

of any currency note which is defaced; or

of any currency coin which has been tampered with.

) Notwithstanding subsection (1), the Bank may, at its discretion, refund the value—

of any currency note and currency coin which is imperfect;

of any currency note which is defaced; or

of any currency coin which has been tampered with.

Preservation of quality and integrity of currency

enter into a contract or other arrangement with a financial institution or a registered currency processor; or

take any measures or facilitate any actions as the Bank deems fit.

) For the purpose of subsection (1)—

a note, coin, token, document or instrument is likely to pass as legal tender, if the note, coin, token, document or instrument fulfills all of the following characteristics:

the note, coin, token, document or instrument is payable to a bearer or holder on demand or upon presentation;

the note, coin, token, document or instrument is widely used in Malaysia for the purpose of payment to any person other than the issuer of such note, coin, token, document or instrument; and

the note, coin, token, document or instrument has a value other than its intrinsic value;

“foreign currency” means any note, coin, token, document or instrument, whether tangible or intangible, which is legal tender in any country, territory or place outside

Malaysia and includes any right to receive such note, coin, token, document or instrument; and

“issue” means the act of making available for usage by any member of the public.

) Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding fifty million ringgit or imprisonment for a term not exceeding ten years or to both.

Restriction on use of photograph, drawing or design of currency in publication, etc.

use any photograph of or any drawing or design resembling a currency note or currency coin or any part thereof, in any publication in any size, scale or colour; or

import, manufacture, sell, circulate or otherwise distribute any merchandise or product containing a photograph, drawing or design resembling a currency note or currency coin or any part thereof in any size, scale or colour.

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) Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding fifty thousand ringgit.

Prohibition from melting down of currency coin

) The Bank may, in granting any authorization under subsection (1), impose any condition or restriction as the Bank deems fit.

) Any person who contravenes subsection (1) or (2), commits an offence and shall, on conviction—

in the case of a natural person, be liable to a fine not exceeding fifty thousand ringgit or imprisonment for a term not exceeding one year or to both; or

in the case of a body, incorporated or unincorporated, be liable to a fine not exceeding one hundred thousand ringgit.

Limitation on cash transaction

) For the purpose of subsection (1)—

different maximum aggregate value may be provided for different purposes, classes of persons, activities, businesses or professions; and

a series of transactions shall be considered as a single transaction if the transactions were made with the same person, for the same purpose and within the same day.

) No person shall undertake or structure, or assist or participate in the structuring of, any transaction with the intention to avoid the application of subsection (1).

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) Any person who contravenes subsection (1) or (3) commits an offence and shall, on conviction, be liable to a fine not exceeding three times the aggregate sum or value of the transaction at the time the offence was committed.

Non-application of section 21

made by a person with or through the Bank or a financial institution; or

approved by the Minister, on the recommendation of the Bank, in any exigent circumstances including the following:

humanitarian aid; or

disaster relief.

carry on a currency processing business; or

hold itself out to be a registered currency processor, unless the person is registered under section 26.

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) Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit.

Application for registration

fulfill all requirements as prescribed by the Bank;

submit an application in such form and manner, together with any information and document as may be specified by the Bank; and

pay the processing fees as may be prescribed by the

Minister under section 60.

) No person shall apply for registration to carry on a currency processing business unless the person is a company.

) For the purpose of paragraph (1)(a), “prescribed” means to be prescribed by an order published in the Gazette, and the power to prescribe includes the power to prescribe differently for different persons or different classes, categories or descriptions of persons, and to amend any prescription.

Registration

) An applicant shall not commence its currency processing business until the applicant is notified by the Bank of its registration under this Act.

) Any person who contravenes subsection (2) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit.

Non-registration

) The Bank shall, upon receipt of a notice under subsection (1), deregister a registered currency processor in accordance with the proposed effective date stated in the notice, if any, or such later date as the Bank deems fit.

) The Bank shall notify a registered currency processor of the effective date of its voluntary deregistration under this section.

Deregistration by Bank

if the registered currency processor provided the Bank with false, misleading, inaccurate or incomplete information for the purpose of subsection 25(1);

if the registered currency processor has ceased from carrying on currency processing business;

if the registered currency processor commits a breach regardless no action has been taken in respect of the breach;

if the registered currency processor contravenes any provision of—

the Central Bank of Malaysia Act 2009;

the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001

[Act 613];

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the Money Services Business Act 2011 [Act 731];

the Financial Services Act 2013; or

the Islamic Financial Services Act 2013, regardless no prosecution or other action has been taken in respect of such contravention;

the director, chief executive officer or any person concerned with the operation or management of the registered currency processor is convicted of an offence under this

Act or an offence involving fraud or dishonesty under any other written law;

the registered currency processor has been wound-up or otherwise dissolved; or

a receiver or manager of the property of the registered currency processor has been appointed.

Opportunity to make representation for action under section 30

) A registered currency processor who has received a notice under subsection (1) shall be given an opportunity to make a representation to the Bank within fourteen days from the date of the notice.

) If at the end of the period set out in subsection (2)—

the Bank did not receive any representation, the Bank shall deregister the registered currency processor and give the registered currency processor a notice of the deregistration; or

the Bank receives a representation, the Bank shall, after considering the representation, give the registered currency processor a notice of its decision whether to proceed with the deregistration or otherwise.

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) A deregistration under subsection (3) shall take effect on the date as may be specified by the Bank in its notice under subsection (3).

) Where the Bank decides under paragraph (3)(b) to not deregister the registered currency processor, the Bank may impose any requirements on the registered currency processor as the Bank deems fit.

Effect of deregistration

) A deregistration shall not affect any right, obligation or liability arising under, any agreement, arrangement or transaction entered into by the registered currency processor with any person prior to the deregistration.

) A registered currency processor and a financial institution carrying on currency processing activities shall comply and ensure that its internal policies and procedures are consistent with any standards specified by the Bank under section 61, including standards on prudential practice, integrity, professionalism and expertise in the conduct of its business, affairs and activities.

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Duties of director and chief executive officer

) No registered currency processor shall be entitled to a refund of any fees paid under subsection (1).

) The Bank may sue any person to recover any unpaid fees under this Act as a civil debt due to the Government and the court may award the cost of recovering the unpaid fees to the

Bank.

Preservation of secrecy

) No person, who for any reason, has by any means access to any information or document relating to the business or affairs of a customer of a registered currency processor, shall disclose to any person, such information or document unless approved by the Bank.

) Subsections (1) and (2) shall not apply to any disclosure—

made to the Bank relating to the performance of its duties or the carrying out of its functions under this Act; or

lawfully required by any court or any written law.

Currency 23

) Any person who contravenes subsection (1) or (2) commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit or imprisonment for a term not exceeding three years or to both.

Detention of currency suspected to be counterfeit

the personal information of its legal or beneficial owner;

and

the personal information of its carrier or any person having in his possession the detained currency note or currency coin prior to the detention.

) The person from whom the currency note or currency coin is detained under section 37 shall provide the information required under subsection (1) to the Bank, registered currency processor and financial institution.

) Any person who contravenes subsection (2) commits an offence and shall, on conviction, be liable to a fine not exceeding twenty thousand ringgit.

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Currency to be surrendered and information to be furnished, to police

) No person shall be entitled to recover any compensation for any loss suffered by him due to the detention of currency note or currency coin under section 37.

Submission of document or information

) The Bank may require any person to submit any document or information as specified by the Bank relating to—

a registered currency processor or its currency processing business; or

a financial institution or its currency processing activities.

) Where any person is required to submit any document or information under subsection (1) or (2), the person shall submit document or information that is correct, accurate, complete and not misleading.

) Any person who contravenes subsection (1), (2) or (3)

commits an offence and shall, on conviction, be liable to a fine not exceeding fifty thousand ringgit.

Currency 25

document, account or transaction;

computer, machinery, equipment or infrastructure; and

premises or office, relating to the currency processing business or currency processing activities of a registered currency processor or its agent.

) For the purpose of subsection (1), the power to examine includes the power to—

test any computer, machinery, equipment and infrastructure;

make copy of or extract any document, account, computer output, transaction and output of any machinery, equipment and infrastructure; and

take photograph of any document, account, transaction, computer, machinery, equipment, infrastructure, premises and office.

Examination of specific person

allow access to any document, account, transaction, property, apparatus, equipment, machinery, computer, computer output, system, infrastructure, premises and office; and

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produce any document, account, transaction, property, apparatus, equipment, machinery, computer, computer output and system, to the Bank in the manner and within the time as specified by the Bank.

) For the purpose of subsection (1), the person under an examination shall provide the Bank with the necessary key, password, encryption code, decryption code, software or hardware or any other means to enable the comprehension of any computer output, machinery, equipment or infrastructure.

) Any person who contravenes subsection (1) or (2) commits an offence and shall, on conviction, be liable to a fine not exceeding one hundred thousand ringgit.

Appearance before Bank

) Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding one hundred thousand ringgit.

any provision of this Act; or

Currency 27

any regulations, standards, specifications, directions or requirements made under this Act.

Power to issue direction

it is necessary to do so as a result of any examination under this Act; or

the registered currency processor or the financial institution, or its director or chief executive officer, or any person concerned with its operation or management—

is carrying or has carried on currency processing business or currency processing activities in a manner detrimental to the interests of its customers or members of the public; or

is committing or has committed or is likely to commit a breach.

) For the purpose of subsection (1), the Bank may issue a direction to the registered currency processor or the financial institution relating to one or more of the following purposes:

to prohibit the registered currency processor or the financial institution from carrying on all or any part of its currency processing business or currency processing activities;

to prohibit the registered currency processor or the financial institution from doing or performing any act or function connected with all or any part of its currency processing business or currency processing activities;

to suspend its currency processing business or currency processing activities to any extent and for any period as the Bank deems fit;

to require the registered currency processor or financial institution to—

comply with or give effect to; or

do or omit any act in order to ensure compliance with,

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any provisions of, regulations, standards, specifications, directions or requirements made under, this Act;

to require the registered currency processor or financial institution to take any measure as the Bank may direct to mitigate the effect of a breach.

Power to take administrative action

reprimand the person in breach;

require the person in breach to issue a public statement in relation to such breach, if the Bank thinks that such breach is relevant for the information of members of the public;

where the breach is not an offence under this Act or any regulations made under this Act, impose a monetary penalty, in any amount as the Bank deems fit, but shall not exceed, relating to every breach—

in the case of a body, incorporated or unincorporated, one hundred thousand ringgit; or

in the case of a natural person, twenty thousand ringgit.

) Where a breach was committed by a body, incorporated or unincorporated, the Bank may take any action under subsection (1)

against a person who is or was its director or chief executive officer, or any person concerned with its operation or management, at the time of the commission of the breach, unless that person demonstrates that the breach was committed without his consent or connivance and that he exercised due diligence to prevent the breach as he ought to have exercised, having regard to the nature of his function in that capacity and to the circumstances.

) Where a breach was committed by a person who is a director or chief executive officer, or any person concerned with the operation or management, of a registered currency processor

Currency 29

or a financial institution during the course of his employment, the Bank may take any action under subsection (1) against the registered currency processor or financial institution.

) Where a person fails to pay a monetary penalty imposed by the Bank under paragraph (1)(c)  within the period specified by the Bank, the Bank may sue and recover the monetary penalty as a civil debt due to the Government and the court may award the cost of recovering the unpaid monetary penalty to the Bank.

Appropriateness of action

the effectiveness of the action to be taken;

the proportionality of the action to be taken with the findings of an examination or breach committed;

deterrence of future breach of similar nature by a registered currency processor, a financial institution or other person;

and

any other matters as the Bank deems fit.

Opportunity to make representation for action under section 47 or 48

) Any person who has received a notice under subsection (1)

shall be given an opportunity to make a representation to the

Bank within fourteen days from the date of the notice.

) If at the end of the period set out in subsection (2)—

the Bank did not receive any representation, the Bank shall proceed with the proposed action; or

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the Bank receives a representation, the Bank shall, after considering the representation, decide whether to—

proceed with the proposed action;

modify the proposed action; or

take no further action, and shall inform its decision to the person by a notice.

) If the Bank decides to modify the proposed action under subparagraph (3)(b)(ii), the Bank shall provide an additional notice and an opportunity to the person to make a representation.

) The decision of the Bank under paragraph (3)(b) shall take effect at any date as specified by the Bank in its notice.

Appeal against monetary penalty

) The decision of the Bank under subsection 50(3) in respect of an action taken under paragraph 48(1)(c) shall not take effect until the appeal is disposed of.

) The Monetary Penalty Review Committee may decide to confirm the decision of the Bank or require the Bank to reconsider and reach a decision in accordance with the findings of the Committee.

) A natural person may be prosecuted for an offence under subsection (1) notwithstanding—

that no prosecution has been instituted against the body, incorporated or unincorporated; or

that the body, incorporated or unincorporated has not been convicted of the offence.

) Subsection (1) shall not affect the criminal liability of the body, incorporated or unincorporated for the offence referred to in that subsection.

Offence by employee or officer or agent

an employee or officer in the course of his employment;

or

an agent while acting within its authority as an agent, the employer or the principal of the person, as the case may be, at the time of the commission of the offence, is deemed to have committed that offence and be liable to the same penalty for the offence committed by the employee or officer or agent.

) Nothing under subsection (1) shall absolve an employee or officer or agent from any liability for an offence.

Attempt, abetment and conspiracy

attempts to commit an offence under this Act;

does an act preparatory to, or in furtherance of, the commission of an offence under this Act; or

abets or is engaged in a criminal conspiracy to commit an offence under this Act,

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whether or not the offence is committed in consequence of it, commits an offence and is liable to the same penalty for that offence.

) For the purpose of subsection (1)—

“criminal conspiracy” has the same meaning assigned to it in section 120a of the Penal Code [Act 574];

“abet” has the same meaning assigned to it in section 107 of the Penal Code; and

where different punishment is provided for a natural person and for a body, incorporated or unincorporated, the person committing an offence shall be liable to the punishment provided for a natural person if he is a natural person or shall be liable to the punishment provided for a body, incorporated or unincorporated if it is a body, incorporated or unincorporated.

Seizable offence

any offence under this Act or any regulations made under this Act as an offence which may be compounded;

Currency 33

the criteria for compounding such offence; and

the method and procedure for compounding such offence.

) The Governor may, with the consent of the Public Prosecutor, at any time before a prosecution is instituted, compound any offence which may be compounded by making an offer to the person reasonably suspected of having committed the offence upon payment to the Governor a sum of money not exceeding the amount of the maximum fine to which the person would have been liable to if he had been convicted of the offence, within such time as may be specified in the offer.

) An offer under subsection (2) may be made at any time after the offence has been committed but before any prosecution for it has been instituted, and where the amount specified in the offer is not paid within the time specified in the offer, or such extended time as the Governor may grant, prosecution for the offence may be instituted at any time after that against the person to whom the offer was made.

) Where an offence has been compounded under subsection (1), no prosecution shall be instituted in respect of the offence against the person to whom the offer to compound was made, and any document or thing seized in connection with the offence may be released by the Bank, subject to such terms as the Bank thinks fit.

Prosecution 58.

No prosecution for an offence under this Act shall be instituted except by or with the written consent of the

Public Prosecutor.

fees paid by a person under section 25 or 35;

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monetary penalty paid under section 48; and

compound paid under section 57.

Power to make regulations

) Without prejudice to the generality of subsection (1), regulations may be made to provide—

for fees payable to the Bank in respect of any matter under this Act;

for the registration of a registered currency processor;

and

for any other matters relating to currency.

) Any regulations made under this section may prescribe an act or omission in contravention of the regulations to be an offence and may prescribe penalties of a fine not exceeding fifty thousand ringgit or to imprisonment for a term not exceeding one year or to both for such offence.

) Regulations made under this section may relate to all or any class, category or description of persons, and the Minister, on the recommendation of the Bank, may make different provisions for different classes, categories or descriptions of persons.

Power to issue standards

for the purpose of giving effect to its object and carrying out its function or conducting its business or affair;

for the purpose of giving full effect to any provision of this Act; or

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for the further, better or more convenient implementation of the provisions of this Act.

Power to issue guidelines

relating to the provisions of this Act;

for the purpose of carrying out or achieving the regulatory objective of this Act; or

relating to any other matters which the Bank thinks is desirable to give information, advice or recommendation.

Provision relating to approval, standards, specifications, notice, requirements, directions, order or guidelines

may be either general or specific; and

may be amended or revoked by the Bank.

) Any standards, specifications, notice, requirements, directions, order or guidelines made under this Act may provide differently for different persons or different classes, categories or descriptions of persons.

) Any approval granted, or standards, specifications, notice, requirements, directions, order or guidelines made under this Act shall be issued or communicated in such manner as the Bank deems fit.

Publication of enforcement action

the Minister;

the Bank;

the Governor;

any member of the Monetary Penalty Review Committee;

any director, officer or employee of the Bank; or

any person acting on behalf of the Bank, for or on account of, or in respect of, any act, statement or omission made or omitted, or purporting to be made or omitted, in pursuance of or in execution of, or intended pursuance of or execution of, this Act, or any approval, directions, prescriptions, specifications, standards, requirements, order, guidelines and regulations made under this Act if the act, statement or omission made or omitted, or purporting to be made or omitted, in pursuance of or in execution of, or intended pursuance of or execution of, this Act, or the approval, directions, prescriptions, specifications, standards, requirements, order, guidelines and regulations made under this Act is made or omitted in good faith.

Application of section 77 of Central Bank of Malaysia Act 2009,

) This Act shall be read subject to the provisions of section 77 of the Central Bank of Malaysia Act 2009, Division 2

of Part XIV of the Financial Services Act 2013 and Division 2

of Part XV of the Islamic Financial Services Act 2013 and in the event of any conflict between this Act and the provisions, the provisions shall prevail.

) Nothing in this Act shall be considered as an approval for the purpose of Division 2 of Part XIV of the Financial Services

Act 2013 and Division 2 of Part XV of the Islamic Financial

Services Act 2013.

Exemption

approval or determination made by the Minister under section 23 of the Central Bank of Malaysia Act 1958

[Act 519] shall be deemed as approval of the Minister under section 9; and

permission given by the Bank under section 27a of the

Central Bank of Malaysia Act 1958 shall be deemed as approval granted by the Bank under subsection 19(1), and shall continue to remain in full force and effect in relation to the person to whom the approval or determination or permission applies until the approval or determination or permission is amended or revoked.

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Transitional

) If the person referred to in subsection (1) intends to continue to carry on the currency processing business after the expiry of the grace period, the person shall make an application to be registered as a registered currency processor under section 25

within the grace period.

) Where a person referred to in paragraph (1) has been registered as a registered currency processor by the Bank, the registered currency processor shall be given an additional grace period of six months from the expiry of the grace period to fully comply with the provisions in Division 2 of Part IV and any non-compliance after the expiry of the additional grace period shall be subject to actions provided in the relevant provisions.

) Where a person has not applied to be registered as a registered currency processor or has his application for registration rejected on the expiry of the grace period, the person shall immediately cease from carrying on currency processing business on the expiry date of the grace period.

) The grace period under subsection (1) shall expire in the case where the person has applied to be registered as a registered currency processor—

on the date the application for registration as a registered currency processor is accepted by the Bank and a notification under section 26 is issued; or

on the date of service of a notice under section 27 stating that the application for registration is refused by the

Bank.

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First Schedule

[Section 3]

PERSON DECLARED AS FINANCIAL INSTITUTION