Foreign Exchange (FE) Notices
BNM had recently launched a new section in their website on everything-you-want-to-know concerning the Foreign Exchange (FE) Notices that is structured according to:
- residency (resident, non-resident); and followed by,
- purpose (investing, borrowing, hedging, etc.).
Click here to access to BNM’s website on the following subject:
- FE Notices
- Frequently Asked Questions
- Online application forms (to obtain BNM's approval for non-permitted transactions)
- The above website is the “to-go” place for all information on FE Notices;
- The website should be the default reference point when you need to do cross-border transactions; and
- A platform for open discussion on FE Notices. By putting all the rules in one place, feedback from external sources will help to improve FE Notices over time to ensure its relevancy and consistency.
Due Diligence on Foreign Exchange Rules
Financial Institutions (FIs) are also required by Bank Negara Malaysia to establish internal controls and procedures to ensure compliance with the FE Notices, including Minimum Due Diligence Guide on Notice 1 of Foreign Exchange Notices as per attachment below.
FIs may exercise the due diligence process above the minimum standard in accordance to foreign exchange risk exposure on a case to case basis.
Click here for MDD Guide for Notice 1 (MDD1)