Malaysian Association of Money Services Business or MAMSB (Persatuan Perniagaan Perkhidmatan Wang Malaysia) was registered on 22 August 2013 with the Registrar of Societies under the Societies Act 1966. MAMSB is the national association for licensees under the Money Services Business Act 2011 (MSBA) as well as those enterprises that have been approved as money services business agents to principal licensees under the MSBA. MAMSB is dedicated to advancing the money services business industry in Malaysia. Its ultimate aim is to ensure alignment with the national agenda to promote modernisation and professionalism of the money services business industry while representing the interest of members.
The main objectives and powers of MAMSB are:
- Promote the modernisation and professionalism of the money services business industry in cooperation and consultation with the Bank to elevate the image, reputation and public confidence of the industry;
- Represent the interests of members through constructive engagements with the Bank on regulatory developments as well as providing a mechanism for the members to address industry issues, with a view of ensuring effective and consistent implementati
- Facilitate education, training and sharing of knowledge amongst members to support effective compliance with applicable laws and regulatory requirements, and to that end promote professional business conduct particularly on best practices for enhanced business controls and risk management, anti-money laundering /combating financing of terrorism and consumer protection;
- Establish code of conduct and formulate rules to promote self-regulation in ensuring good business practice and elevate the standards of professionalism of money service business licensees and agents;
- Foster greater understanding and address issues concerning the welfare of members by providing a common platform to assist members in becoming more resilient and competitive;
- Promote consumer awareness and knowledge of authorised money services business; and
- Collaborate and cooperate with similar organisations elsewhere or other relevant agencies locally and internationally for the benefit of members and the industry.