Money Services Business Act 2011 (Act 731), Regulations and Order (Hingga 15hb April 2013)

Money Services Business Act 2011 (Act 731),

Regulations and Order

*Note: This book contains both the English and Malay version

Money Services Business Act 2011 is An Act to provide for the licensing, regulation and supervision of money services business and to provide for related matters.

Detailed Contents of Money Services Business Act 2011 (Act 731):

A law in Malaysia called the Money Services Business Act 2011 (Act 731) governs the business of money services, which covers things like remittance, currency exchange, and money transfer. The Act intends to combat money laundering and the financing of terrorism while also promoting transparency, accountability, and integrity in the money services sector.

According to the Act, anyone wishing to operate a money services firm must get a licence from Bank Negara Malaysia (BNM), which is Malaysia's central bank. The Act also specifies the minimal capital needs, fit and suitable standards, and other conditions that money service providers must adhere to.

In accordance with the Act, money service businesses must also follow anti-money laundering and counter-terrorist financing regulations, which include standards for customer due diligence, record-keeping, and reporting. These rules must be followed or you will be prosecuted harshly.

In addition to the Act, there are rules and orders that offer more information on how the Act is being put into practise. The regulations and order, which were last amended on April 15, 2013, contain instructions on how to apply for and renew a licence for a money service business, how to report suspicious activities, and what violations of the Act will result in fines.

The regulations and order mandate that money service providers designate compliance officers and put internal procedures in place to guarantee adherence to the Act and other pertinent laws and regulations. Additionally, the rules and directives call for the employment of inspectors to keep an eye on and enforce adherence to the Act.

The Money Services Business Act of 2011 was passed in response to the rising use of money services for criminal activities like money laundering and terrorism financing. By giving the money services industry a regulatory structure and encouraging responsibility and openness, the Act aims to address these problems.

Money Services Business Act 2011 (Act 731) Contains:

Money Services Business Act 2011 (Act 731)
Money Services Business (Exemption) of Fees) Order 2011
Money Services Business (Compoundable Offences) Regulations 2011
Money Services Business (Minimum Capital Funds) Regulations 2011
Money Services Business (Minimum Criteria of a “Fit and Proper” Person) Regulations 2012
Money Services Business (Money Services Business Agents) Regulations 2012
Money Services Business (Licensing) Regulations 2012
Money Services Business (Remittance Business) Regulations 2012
Money Services Business (Duties of Licensees) Regulations 2012