Public FAQ

General

1How do I know if a remittance operator or money-changer is licensed to provide the services?

All licensed remittance service providers and licensed money-changers have to be companies incorporated in Malaysia and they must display at all their business premises a copy of the license issued by Bank Negara Malaysia under the Money Services Business Act 2011 (the Act).

You may obtain the list of licensees with the addresses of their business premises from Bank Negara Malaysia’s website.

Link: http://www.bnm.gov.my/index.php?ch=fs&pg=fs_msb_regulatees&ac=134

2Can an individual engage in foreign currency trading in Malaysia? Is it an offence to do so?

Trading of foreign currency by any person, be it an individual or a corporation, is under the purview of Bank Negara Malaysia. Please contact the Bank.

3If I have a complaint against a licensee, who should I approach?

You may write in to us via this link:

https://www.mamsb.org.my/consumer-information/feedback-complaints-enquiries/

Kindly provide all necessary information to allow us to investigate the matter and revert to you soonest.

Relating to membership

1How to become a member of the Association?

A licensee under the Money Services Business Act 2011 can apply to be a member of the Association by submitting a completed Membership Application Form together with the payment of entrance fee and annual subscription fee, to the registered address of the Association.

For verification and record purpose, the following documents are to be submitted with with application or within 30 days:

  1. Board resolution on appointment of applicant’s representative;

  2. Duly certified copy of Form 49: List of directors;

  3. Duly certified copy of Form 9: Certificate of incorporation;

  4. Duly certified copy of Form 13: Change of company name ( if applicable);

  5. Copy of MSB Licence;

  6. Copy of IC or Passport of Company Representative ( CEO or Director )

The total amount of entrance fee and annual subscription payable will depend on the minimum capital funds approved by Bank Negara Malaysia for the licence as follows:

Annual Subscription: RM500.00

Entrance Fee:
RM1, 000.00 for licensee with minimum capital funds of RM300,000;
RM2, 000.00 for licensee with minimum capital funds of RM500,000; or
RM5, 000.00 for licensee with minimum capital funds above RM500,000

Cheque for payment is to be made payable to: \r\n

“ Persatuan Perniagaan Perhidmatan Wang Malaysia”

2What is “minimum capital funds”? Same as paid-up capital?

The Money Services Business (Minimum Capital Funds) Regulation 2011 has defined “minimum capital funds” as

the “sum total of –

(a) paid-up ordinary shares;

(b) reserves;

(c) retained profits or accumulated losses; and

(d) audited profits for the period, or audited and unaudited losses for the period, and minus all loans, advances and investments given to shareholders, directors or other related parties”

Minimum capital funds are not the same as paid-up capital.

3How much does my company have to pay to become a member?

The total amount of entrance fee and annual subscription payable will depend on the minimum capital funds approved by Bank Negara Malaysia for the licence as follows:

  • For licensee that must maintain minimum capital funds of RM300,000, the total amount is RM1,500 (RM1,000 for entrance fee and RM500 for annual subscription fee)
  • For licensee that must maintain minimum capital funds of RM500,000, the total amount is RM2,500 (RM2,000 for entrance fee and RM500 for annual subscription fee)
  • For licensee that must maintain minimum capital funds above RM500,000, the total amount is RM5,500 (RM5,000 for entrance fee and RM500 for annual subscription fee)
4Where can I obtain the Membership Application Form?

The Membership Application Form can be obtained from the registered address of the Association:

Persatuan Perniagaan Perkhidmatan Wang Malaysia
(Malaysian Association of Money Services Business)
Unit 3A01, 3A Floor, Lobby 1, Block C
Damansara Intan
No. 1, Jalan SS20/27
47400 Petaling Jaya
Selangor

[OR]

The website of the Association at www.mamsb.org.my

5What benefits do members enjoy?

The almost immediate benefit a member of the Association will get is the subsidised training programmes to be conducted by the Association for the members.

  • The member can also obtain assistance and advice from the Association in understanding and complying with regulatory requirements governing its money services business.
  • The Association, through its publications and website will be disseminating market intelligence to help members to keep abreast with the development of relevant laws and regulatory requirements as well as technology that could influence on the members’ money services businesses
  • The interest & rights of the members will be protected through the constructive engagement of the Association with the relevant authorities, e.g., Bank Negara Malaysia. The Association is in a better position to ensure the regulatory requirements are effective and consistently implemented.
6Can an approved money services business agent become a member of the Association?

Money Services Business agents are eligible to become associates of the Association. The entrance fee and annual subscription fee is RM350 only. Associate members do not have voting rights at the general meeting but enjoys various privileges such as:

• Associate Members may participate in all our Trainings, Seminars, Power Talks, Conferences at member’s rate or complimentary depending on the event. Non-member’s have a different fee structure.

• We also have collaborations with various partners such as the Malaysian Directors Academy, ICLIF Governance Centre, Asian Banking School, ACAMS and etc where our members are accorded preferential rates for events and trainings that we collaborate on.

• Ride on the benefits of collective bargaining whereby discounted rates are offered on services such as insurance, screening services, background checks and more being added progressively

• Join in various engagement sessions organized at least quarterly which is a platform for members to engage with their peers, raise issues, moot ideas for members’ benefit

• Leverage on the association’s resources and the numerous initiatives that we have running or in the pipeline for the betterment of the industry as a whole and to assist individual members

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