If you're planning on visiting your local authorised money changer before that overseas trip to change Malaysian Ringgit banknotes to the respective currency
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 details for recording purposes.
This is because Bank Negara Malaysia has enforced a new requirement for money services businesses such as money changers to record the personal details of all customers, regardless of the amount of currency being changed.These include the customer’s full name, identification card number and date of birth.
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.For illustration purposesHowever, 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!Source: The Edge Markets Source: NST