Go Back  British Expats > Living & Moving Abroad > Far East and Asia > Malaysia
Reload this Page >

Malaysia to Impose RM25,000 Cash Limit/Transaction for 2020

Malaysia to Impose RM25,000 Cash Limit/Transaction for 2020

Old Nov 8th 2019, 10:53 am
  #1  
BE Enthusiast
Thread Starter
 
Joined: Jan 2017
Location: Kuching, Sarawak
Posts: 416
RedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond repute
Default Malaysia to Impose RM25,000 Cash Limit/Transaction for 2020

"KUALA LUMPUR, Nov 7 — Malaysia is planning to impose a cash transaction limit (CTL) of RM25,000 starting next year to further strengthen the country’s financial integrity and curb illicit activities.

“This is to address the abuse of physical cash used for illicit activities,” Bank Negara Malaysia (BNM) deputy governor and chairman of the National Coordination Committee to Counter Money Laundering (NCC), Datuk Abdul Rasheed Ghaffour said.

The measures will apply to all transactions involving physical cash payments including payments of goods and services and donations and transfers between parties, which are applicable to individuals, businesses and other entities.

Industries with large cash transactions that may be impacted by the CTL are high-value dealers, medical tourism, hotels, and wholesale, he said at a media briefing here, today."

https://www.malaymail.com/news/malay...t-year/1807838
RedApe is offline  
Old Nov 8th 2019, 5:06 pm
  #2  
BE Enthusiast
Thread Starter
 
Joined: Jan 2017
Location: Kuching, Sarawak
Posts: 416
RedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond reputeRedApe has a reputation beyond repute
Default Re: Malaysia to Impose RM25,000 Cash Limit/Transaction for 2020

Not that bank-bank transactions are not restricted...It may impact those folks that bring in US$10,000 and try to get it converted at one go.
RedApe is offline  
Old Nov 10th 2019, 3:47 pm
  #3  
BE Enthusiast
 
Joined: Oct 2014
Posts: 564
Gunnar45 has a reputation beyond reputeGunnar45 has a reputation beyond reputeGunnar45 has a reputation beyond reputeGunnar45 has a reputation beyond reputeGunnar45 has a reputation beyond reputeGunnar45 has a reputation beyond reputeGunnar45 has a reputation beyond reputeGunnar45 has a reputation beyond reputeGunnar45 has a reputation beyond reputeGunnar45 has a reputation beyond reputeGunnar45 has a reputation beyond repute
Default Re: Malaysia to Impose RM25,000 Cash Limit/Transaction for 2020

The article mentions:
"However, there are two important exemptions to note. Firstly, any cash transactions to or with financial institutions are exempted. As regulated entities, these institutions are already subjected to stringent anti-money laundering or counter-terrorism financing requirements."
I assume the money exchange bureaus belong to the stringently regulated entities category, meaning one would have to provide ID and declare the source of the funds.
Gunnar45 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.