Bank Negara Malaysia (BNM) has introduced a new rule for money service businesses (MSBs) such as money changers to jot down the details of their Malaysian customers, regardless of the amount being changed. Enforced since 6 February, read on to find out more about this change.
As shared by WORLD OF BUZZ, this is part of the Policy Document on Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions (AML/CFT and TFS for FIs) introduced by BNM’s Financial Intelligence and Enforcement Department on 5 February. This replaces the previous Policy Document dated 31 December 2019 and came into force on 6 February.
As per the new regulations, all Malaysians must provide their IC number, full name and date of birth to money changers for recording. Previously, only those changing currency over the threshold of RM3000 needed to do this.
This was confirmed by the Malaysian Association of Money Services Business (MAMSB) CEO K. Raman who revealed that money changers have been doing this since 6 February, as per The Star’s report. However, the new rule may have some adverse effects on money changers as many patrons are now sceptical about changing their currency as they need to provide the information.
So, what do you guys think of the change? Share your thoughts with us in the comments below and stay tuned to TechNave for more engaging news such as this.
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