Act 2011
Money Services Business Act 2011 (as amended by the Money Services Business (Amendment) Act 2024, Act A1711)
Issued by Bank Negara Malaysia
Plain-English summary
Licensing statute for money-changing (now 'currency exchange'), remittance and wholesale currency businesses. Act A1711 (Royal Assent 27 May 2024, gazetted 6 June 2024) widens the remittance definition to cover transfers to or from persons outside Malaysia and replaces the s.4(4) penalty with mandatory imprisonment of up to 10 years plus a fine of RM50,000 to RM5 million. It also adds abetment illustrations in s.86 and forfeiture in s.66A. BNM's Legislation page records A1711 as in force from 1 August 2024.
Who it applies to
Payments & Fintech
Topics
AML / CFT / Sanctions Payments & Fintech / Digital Assets
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