Bank Negara’s new rule requiring customers to provide their full name, identification number, and date of birth for changing less than RM3,000 has not been received well by the public.
Subscribe to our FREE Newsletter, or Telegram and WhatsApp channels for the latest stories and updates.The new rule is part of the Policy Document on Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions introduced by BNM’s Financial Intelligence and Enforcement Department on 5 February.Previously, only those who changed more than RM3,000 worth in foreign currency were required to provide their details.
Based on reports by The Star, the new rule has not been well received by the public. Since many people were not made aware of it, they thought the money changers were trying to scam them. I was shocked when the moneychanger asked me for my details just to change S$200 . There are many scams these days. I do not want my personal details to be leaked anywhere.
The dissatisfaction with the new rule also saw a rise in complaints to the Malaysian Association of Money Services Business .
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All Moneychangers Required To Take Customer’s Personal Details Regardless Of Amount ChangedBank Negara’s new rule requiring customers to provide their full name, identification number, and date of birth for changing less than RM3,000 has not been received well by the public.
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