Bank Negara Now Requires All Money Changers in Malaysia to Record Full Name & IC Number of Customers

If you’re planning on visiting your local authorised money changer before that overseas trip to change Malaysian Ringgit banknotes to the respective currency of your destination abroad, then don’t be shocked if the authorised money changer requests for you to provide your identification card (IC) details for recording purposes. 

This is because Bank Negara Malaysia (BNM) has enforced a new requirement for money services businesses (MSBs) such as money changers to record the personal details of all customers, regardless of the amount of currency being changed.

New requirements by BNM

For illustration purposes

These include the customer’s full name, identification card number and date of birth. This is as per the new Policy Document on Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions (AML/CFT and TFS for FIs) here that replaced the previous policy document dated 31 December 2019.

The new policy document was issued by BNM’s Financial Intelligence and Enforcement Department on 5 February and comes into effect a day later on 6 February.

In short, the new rule requires all Malaysians to provide their IC number, full name and date of birth for the information to be keyed in.

Previously, only those changing over RM3,000 are required to produce their ICs

For illustration purposes

Previously, only those changing currency above RM3,000 were required to produce their ICs.

However, now, the new change requires even those changing below RM3,000 to provide at minimum their full name, IC card number and date of birth as per the new sanctions screening requirements that are in line with global standards.

So, what do you guys think of the new requirement by BNM? Share your thoughts with us in the comments!

Also read: BNM: Almost Half of M’sians Can’t Even Save RM1k, Many Go Into Debt During Emergencies