7 Nov 2018
MALAYSIA: All US$5,980+ Cash Transactions to be Reported as of 1 January 2019
All banks and casinos in Malaysia will be obliged to report cash transactions of RM25,000 (US$5,980) or above as of 1 January next year. Bank Negara Malaysia, the country’s central bank, announced the reduction from the current RM50,000 reporting level as part of moves to clamp down on the country’s thriving, cash-reliant informal economy. The change also brings the country more in line with international initiatives aimed at combating money-laundering and preventing the financing of terrorism.