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Bank Negara Malaysia has revoked 41 money changing licences in 2009. This enforcement action was taken on money-changers that were found to be in contravention of various provisions of the Money-Changing Act 1998 (Act). This includes contravention of section 30 of the Act, which prohibits money-changers from transferring funds outside Malaysia, whether on their own behalf or on behalf of third parties. Under the Act, money changers are only allowed to conduct the business of exchanging foreign currencies against ringgit or against other foreign currencies within Malaysia.
Members of the public are reminded to use the services offered by commercial banking institutions or the 45 non-bank remittance service providers approved by Bank Negara Malaysia to transfer funds abroad. In Malaysia's more liberalized financial environment, members of the public are free to transfer funds through these authorised entities. The list of commercial and Islamic banks, as well as approved non-bank remittance service providers can be obtained from the BNM website:
See also: BNM Foreign Exchange Administration website
