Identification Documents Required for Money Services Business Transaction

Persatuan Perniagaan Perkhidmatan Wang Malaysia (Malaysian Association of Money Services Business) seeks co-operation and understanding of the customers to produce identification documents when necessary for their money services business transactions with licensees that carry on money-changing business, wholesale currency business and/or remittance business (collectively, the licensees), with effect from 15 September 2013.

This is for the purpose of complying with requirements pursuant to the Anti-Money Laundering and Anti-Terrorism Financing Act 2001, which requires licensees to identify and verify the customers performing money services transactions. This requirement is commonly observed in other countries, including Cambodia, Singapore and Australia.

Customers are required to produce identification documents for the following transactions:

  1. money changing or wholesale currency transaction amounting to RM3,000 and above.
  2. remittance transaction of any amount.

All licensees are required to display a standard notice at their approved business premises notifying the customers on the above requirement.

In addition, licensees are required to make a copy of the identification document for record purpose, when the amount of a money changing or wholesale currency transaction exceeds RM10,000; and the amount of a remittance transaction is above RM3,000.

 

Information on Persatuan Perniagaan Perkhidmatan Wang Malaysia (Malaysian Association of Money Services Business)

Persatuan Perniagaan Perkhidmatan Wang Malaysia (Association) is a national level association, representing all licensees under the Money Services Business Act 2011 carrying on money changing business, remittance business and/or wholesale currency business. The Association was registered with the Registry of Societies Malaysia on 22 August 2013.

For enquires, kindly contact:

Tel: +603-7727-8606
Fax: +603-7727-4606
Email: admin@mamsb.org.my
Contact Person: Mr. Ramasamy Veeran, Interim Council President

MENU
Menu