> Requirements for Operating Remittance Service

Requirements for Operating Remittance Service
Carrying on remittance business
  1. The entity carrying out remittance business must be a company incorporated under the Companies Act 1965.
  2. A written notification shall be obtained from Bank Negara Malaysia under section 5(3) of the Payment Systems Act 2003 in operating a remittance business.
  3. A written permission shall be obtained from the Controller of Foreign Exchange (the Controller) under section 10 of the Exchange Control Act 1953 in respect of remittance business:
    1. The permission is valid for a specified period stated in the permission letter;
    2. Application for renewal of the permission should be submitted to the Controller at least two (2) months before the expiry of the permission; and
    3. The Controller reserves the right to impose and vary terms, or revoke the permission in the event that the remittance service provider fails to comply with any terms and conditions issued from time to time.

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