Recommend Us | About Us | Back to

News | Financial Calculator | Home Financing | Archived News |


  Welcome to Bernama Banking & Finance Special Page     
BNM Issues AML/CFT Policy For Digital Currencies
Last update: 27/02/2018

KUALA LUMPUR, Feb 27 (Bernama) -- Bank Negara Malaysia (BNM) has issued the Anti-Money Laundering and Counter Financing of Terrorism Policy (AML/CFT) for Digital Currencies to ensure that effective measures are in place to combat such activities.

"The policy aims to ensure that effective measures are in place against money laundering and terrorism financing risks associated with the use of digital currencies and to increase the transparency of digital currency activities in Malaysia," said BNM.

The Central Bank said the policy has taken into account feedback received during the public consultation period on the exposure draft released on †Dec 14,†2017.

BNM also said it received feedback from representatives of existing digital currency exchangers, industry associations, law firms, financial institutions, academia as well as interested individuals.

"Feedback received from respondents mainly focused on the obligations imposed on digital currency exchangers, including businesses providing intermediary services involving digital currencies."

It†reiterated that the invocation of reporting obligations on digital currency exchange business does not in any way connote the authorisation, licensing, endorsement or validation by BNM†of any entities involved in the provision of digital currency exchange services.

Where relevant, these matters have been further elaborated in the policy document.

The Central Bank also reminded the public†that digital currencies are not legal tender in Malaysia.

"Accordingly, digital currency businesses are not covered by prudential and market conduct standards or arrangements that are applicable to financial institutions regulated by BNM.

"Members of the public are advised to carefully evaluate the risks associated with dealings in digital currencies. Any persons carrying on activities involving digital currencies should refer to the details within the policy to determine its applicability and comply accordingly," it said.

Persons covered under the policy as reporting institutions are†expected to comply with the provisions of the Companies Act 2016, including the requirement to be incorporated or registered.

Members of the public may access the policy document as well as a list of common questions and feedback on the BNM's†website at



GST ends on AIBIM Bank services & products
RHB Islamic Bank CEO is new AIBIM President

Islamic Financial Institutions should adopt IIFM standards

Zero GST for life, general insurance and Takaful products
Takaful Malaysia converts composite licence to single licences

Taiwan's Shinkong Insurance company gets excellent ratings

US 3.9960/9990
S'pore 2.9580/9611
100 Yen 3.6147/6177
Sterling 5.2935/2979
Euro 4.6342/6384
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

  Main | News | Insurance

© 2018 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution