MONEY EXCHANGE SERVICES BUSINESS
By MALAYA CORPORATE
Money Services Business (MSB) refers to money exchange business, remittance business and wholesale currency business. Money Services Business License consists of 4 categories of licenses, namely class A, B, C, and D. Where, Class A license is used to conduct money changing business and remittance business only. Group B is referring for conducting remittance business only. Group C is applying to conduct money changing business only and group D is to conduct wholesale currency business only. All of these license categories are regulated by the Money Services Business Act 2011. It serves to bring about changes that empower the central bank to streamline the industry. A license is valid for 3 years. Except for such other short period as may be specified by the Bank in the license.
Disclaimer: We do not do license application service. This article is only for sharing info.
A money -changing business is a business that makes a currency exchange transaction at an exchange rate, or a business of buying or selling travelers checks on behalf of an issuer of travelers checks at an exchange rate; or any other business as prescribed by the Bank. The Money Changing Business is administered under the Money Services Business Act 2011 (Act 731) and is under the supervision of the Bank Negara Malaysia (BNM) Money Services Business Regulatory Department.
Doing a business without license is an offense under Section 4 (1) of Act 731 and will be fined under Section 4 (4) of Act 731. For details of information that must be submitted during the license application can refer to the MONEY SERVICES (LICENSING) REGULATIONS 2012.
The following is the total fee to be paid for a license: –
Description of Fee (RM) Date of Payment
Description | Fee (RM) | Date of Payment | |
1. | Grant of a license | 500 | Once approved |
2. | Opening or relocation of a branch | 500 per application | Once the application is submitted |
3. | Annual license for:-a) Main place of business | 500 | In December every year |
b) Each branch office | 500 | In December every year | |
c) Each cluster of offices (up to 20 per cluster) is a money services business agent. | 500 per cluster | In December every year | |
4. | Annual license for:-a) The first group of officials (maximum 20 per group) | 500 per cluster | In December every year |
b) Each additional group of officials (maximum 20 per group) | 500 per cluster | In December every year | |
*The annual fee under items 3 and 4 must be paid on the payment date after the expiration of the first 12 months/1 year after the license is issued. | |||
MONEY SERVICES BUSINESS (LICENSING) REGULATIONS 2012:
https://www.bnm.gov.my/documents/20124/964944/pua_20120305_P.U.+%28A%29+70+-+PERATURAN-PERATURAN+PERNIAGAAN+PERKHIDMATAN+WANG+%28PELESENAN%29+20.pdf
For MONEY SERVICES BUSINESS LICENSE APPLICATION can refer to the document and send to BNM: https://www.bnm.gov.my/documents/20124/53367/Application+Form+for+MSB+licence_BM_22072013.doc
For more information, go directly to the official website of Bank Negara Malaysia.
Sources information from https://www.bnm.gov.my/
