Malaysia to Impose RM25,000 Cash Limit/Transaction for 2020
Nov 8th 2019, 9:53 am
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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
“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
Nov 8th 2019, 4:06 pm
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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.
Nov 10th 2019, 2:47 pm
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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.
"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.
