Malaysia: Central Bank Consults on Amendments to Money Services Business Act 2011

On March 20, 2019, the Money Services Business Regulation Department within Bank Negara Malaysia, the country's central bank, published a consultation seeking the public’s feedback on proposed amendments to the Money Services Business Act 2011 (MSBA), which provides the legal framework for remittance, money changing and wholesale currency businesses to carry out their activities.

As a result of the dynamic transformation of the money services business sector since the adoption of the MSBA, the bank considers it appropriate to introduce changes aiming to enable swifter, more punitive and visible enforcement actions to combat illegal operations by unlicensed operators, as well as to provide appropriate deterrents against non-compliance by licensed MSBs.

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