If you're planning to visit an authorised money changer to exchange Malaysian Ringgit for your travel abroad, be prepared to provide your identification card (IC) details for recording.

This is due to a new requirement by Bank Negara Malaysia (BNM), which mandates that money services businesses (MSBs), including money changers, must record customers' personal information regardless of the transaction amount.

The details required include the customer's full name, IC number, and date of birth. This is in line with the updated Policy Document on Anti-Money Laundering, Countering Financing of Terrorism, and Targeted Financial Sanctions for Financial Institutions (AML/CFT and TFS for FIs), which replaces the previous policy document from 31 December 2019.

The new policy was issued by BNM’s Financial Intelligence and Enforcement Department on 5 February and took effect on 6 February.

In summary, all Malaysians now need to provide their full name, IC number, and date of birth for record-keeping purposes.

Previously, only those exchanging over RM3,000 had to show their ICs.

With the new regulation, even transactions below RM3,000 require the recording of full name, IC number, and date of birth to comply with global standards for sanctions screening.