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To enable the Bank to meet the objectives of a central bank, it is vested with comprehensive legal powers under the following legislation to regulate and supervise the financial system. These pieces of legislation includes:
Central Bank of Malaysia Act 2009
An Act to provide for the continued existence of the Central Bank of Malaysia and for the administration, objects, functions and powers of the Bank, for consequential or incidental matters.
Banking and Financial Institutions Act 1989 (BAFIA)
An Act to provide new laws for the licensing and regulation of institutions carrying on banking, finance company, merchant banking, discount house and money-broking businesses, for the regulation of institutions carrying on certain other financial businesses, and for matters incidental thereto or connected therewith. Incorporating Latest Amendments up to Act A1256/2005 - cif : 1 Apr. 2006Exchange Control Act 1953
An Act to confer powers, and impose duties and restrictions in relation to gold, currency, payments, securities, debts, and the import, export, transfer and settlement of property, and for purposes connected with the matters aforesaid. Incorporating Latest Amendments up to Act A1241/2005 - cif : 1 Jan. 2007Islamic Banking Act 1983
An Act to provide for the licensing and regulation of Islamic banking business. Incorporating Latest Amendments up to Act A1307/2007 - cif : 31 July 2007Insurance Act 1996
An Act to provide new laws for the licensing and regulation of insurance business, insurance broking business, adjusting business and financial advisory business and for other related purposes. Incorporating Latest Amendments up to Act A1247/2005 - cif : 1 Jan. 1997
See also : Guidelines on Application for Financial Adviser's Licence under the Insurance Act 1996 [PDF, 38K] (Revised Date - 18 September 2007)
Guidelines to facilitate applications for a financial adviser's licence under section 17 of the Insurance Act 1996. Attached are the relevant application forms:-
- BNM/JKAP/Form FA - Application Form for Financial Adviser's Licence under section 17 of the Insurance Act 1996; and [PDF, 58K]
- BNM/JKAP/Form FAR - Application Form for Appointment of Financial Adviser's Representative under section 70(1A) of the Insurance Act 1996. [XLS, 122K]
- Form BNM-JKAP-APP1&2 - Application Form for Directors and CEOs [MS Excel, 250K]
- Form - Appointment of Auditor [MS Word, 40K]
Takaful Act 1984
An Act to provide for the regulation of takaful business in Malaysia and for other purposes relating to or connected with takaful. Incorporating Latest Amendments up to Act A1306/2007 - cif : 31 July 2007Development Financial Institutions Act 2002 (Act 618)
The DFIA which came into force on 15 February 2002 focuses on promoting the development of effective and efficient development financial institutions (DFIs) to ensure that the roles, objectives and activities of the DFIs are consistent with the Government policies and that the mandated roles are effectively and efficiently implemented. DFIA also emphasises on efficient management and effective corporate governance, provides a comprehensive supervision mechanism and mechanism to strengthen the financial position of DFIs through the specification of prudential requirements. Incorporating Latest Amendments up to PU(A)285/2007 - cif : 31 August 2007See also : The Salient Features of the DFIA
Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (Act 613)
This renamed and revised Act which came into force on 15 January 2002, is to provide for the offence of money laundering, the measures to be taken for the prevention of money laundering and terrorism financing offences and to provide for the forfeiture of terrorist property and property involved in, or derived from, money laundering and terrorism financing offences, and for matters incidental thereto and connected therewith. Incorporating Latest Amendments up to PUA 144/2012 cif : 18 May 2012 gazetted: 17 May 2012Money-Changing Act 1998 (Act 577)
An Act to provide for the licensing and regulation of money-changing business and for other matters related thereto. Incorporating Latest Amendments up to PU(A) 237/2006 - cif : 21 Jul 2006Payment Systems Act 2003 (Act 627)
An Act to make provisions for the regulation and supervision of payment systems and payment instruments and for matters connected therewith. Came into force on 1 Nov 2003.| See also: | Submission Guideline for Operating Payment System or Issuing Designated Payment Instrument |
Money Services Business Act 2011
An Act to provide for the licensing, regulation and supervision of money services business and to provide for related matters.Government Funding Act 1983
An Act to provide for the raising of funds by the Government of Malaysia in accordance with the Syariah principles and to provide for matters incidental thereto or connected therewith.