Banking And Financial Institutions Act 1989

The banking and financial institutions act 1989 offenses the fourth schedule of bafia lists down the penalties for the various offenses and non compliance with bafia.

Banking and financial institutions act 1989. Gazette24 aug 1989 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. This act may be cited as the banking and financial institutions act igag and shall carne into farce an such date as the minister may by notification in the gazette appoint and the minister may appoint different dates tar the corning into farce at a different provisions at this act. Myr 100 00 the law is stated as of july 5 2007 part i 55 preliminary part ii 75 licensing of banking finance company merchant banking discount house and money broking businesses. Banking and financial institutions act 1989 act 372 isbn 978 983 3519 08 8 publication price.

The maximum penalty is a fine of rm10 million and a maximum imprisonment of a term of 10 years. The objective of the banking financial institutions act 1989 bafia is to provide new laws for the licensing and regulation of the institutions carrying on banking finance company merchant banking discount house and money broking business for the regulation of institutions carrying on certain other financial businesses and for the matters incidental thereto or connected therewith.