Every licensee under the MSBA is eligible to become a member of MAMSB. Members are further classified into four member classes: Member Class A, Member Class B, Member Class C and Member Class D, depending on the classes of licences being issued to them under the MSBA. The purpose of classifying the members is mainly to facilitate the election of Member Class Council Members, respectively drawn from and representing each Member Class A, B, C and D in Malaysia. It also enables the Council to call for specific Member Class meeting to deliberate issues peculiar to that particular Member Class more efficiently and effective..

Every approved money services business agent under the MSBA is eligible to become an associate of MAMSB. Associates are entitled to attend any general meeting of MAMSB, just like any members. The associates, however, do not have any voting right. Nevertheless, they will be able to enjoy such benefits as shall be determined by the Council from time to time.