The Act consolidates the repealed Banking and Financial Institutions Act 1989, Payment Systems Act 2003, Insurance Act 1996, and the Exchange Control Act 1953. It provides a more uniform governance and regulatory framework for conventional banks in Malaysia, while also addressing new developments in the financial market.
Introduction Part I: Preliminary Part II: Regulatory objectives and powers and functions of bank Part III: Authorization and registration Part IV: Payment systems Part V: Prudential requirements Part VI: Ownership, Control and Transfer of Business Part VII: Financial groups Part VIII: Business conduct and consumer protection Part IX: Money market and foreign exchange market Part X: Submission of document or information Part XI: Examination Part XII: Directions of compliance Part XIII: Intervention and remedial action Part XIV: Other Powers of Bank Part XV: Enforcement and Penalties Part XVI: General provisions Part XVII: Repeal, savings and transitional
Dr Mohd Johan Lee is a judge of the High Court of Malaya at Kuala Lumpur. He is also currently an adjunct professor of the UUM School of Law, of UUM College of Law, Government & International Studies. He graduated with LLB (Hons) degree from IIUM. He also holds a Master of Comparative Laws degree, a post-graduate Diploma in Shariah and Legal Practice both of which from IIUM, an MA in Economics from King's College London and a Ph.D. in Business and Commercial Law from Monash University Australia. He was an advocate and solicitor of the High Court of Malaya, High Court of Sabah & Sarawak, the Shariah Court and the Supreme Court of Brunei. He has authored more than 10 textbooks and reference books and written numerous articles globally. He is a certified arbitrator and mediator since 2003 and 2008 respectively.
Dr Mohd Johan Lee had been in active legal practice for more than 20 years before his elevation to the bench. Right until his elevation, he was a shariah advisor to an international bank and a takaful operator. He was also one of the members of the shariah advisory committee of the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM). In 2006, he was a visiting scholar to the Asian Law Centre of University of Washington in Seattle.
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