All Moneychangers Required To Take Customer’s Personal Details Regardless Of Amount Changed
Bank Negara’s new rule requiring customers to provide their full name, identification number, and date of birth for changing less than RM3,000 has not been received well by the public.
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A new Bank Negara rule requires moneychangers to take down the personal details of all customers.
The new rule is part of the Policy Document on Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions (AML/CFT and TFS for FIs) introduced by BNM’s Financial Intelligence and Enforcement Department on 5 February.
It replaces the previous Policy Document dated 31 December 2019.
Previously, only those who changed more than RM3,000 worth in foreign currency were required to provide their details.
The new rule, which came effective on 6 February, requires people who are changing less than RM3,000 to provide their full name, identification card (IC) number, and date of birth. Foreigners will need to show their passports.
Based on reports by The Star, the new rule has not been well received by the public. Since many people were not made aware of it, they thought the money changers were trying to scam them.
Some worry that their details will be collected and sold to scammers or reported to the Inland Revenue Board (LHDN).
I was shocked when the moneychanger asked me for my details just to change S$200 (RM710). There are many scams these days. I do not want my personal details to be leaked anywhere.
Wendy Tan, 35, told The Star
Some people headed to Singapore to change currencies instead
To circumvent this new rule, people in Johor have started changing their money in Singapore. This decision has affected the livelihoods of moneychangers as more customers complained about the long registration process and decided to go across the straits to change money.
The dissatisfaction with the new rule also saw a rise in complaints to the Malaysian Association of Money Services Business (MAMSB).
A customer complained to MAMSB, alleging that the first moneychanger he went to tried to cheat him when asked for his details.
The customer allegedly managed to exchange money without giving his personal details to another money changer, who was unaware of the new rule.
MAMSB chief executive officer K. Raman said the new policy is in line with global standards.
To mitigate the complaints, MAMSB is issuing notices to all its members to show their customers and help them understand that it’s a requirement set by the regulators.
Raman also advised the public to be patient with the moneychangers as it would take some time to key in their details.
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