Before embarking on your overseas journey and visiting your local authorized money changer to convert Malaysian Ringgit banknotes to your destination's currency, anticipate the request for your identification card (IC) details.

This new practice stems from Bank Negara Malaysia's (BNM) directive to money services businesses (MSBs), including money changers, to document customer information regardless of the transaction amount.

Under the revised Policy Document on Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions (AML/CFT and TFS for FIs), effective from February 6th, all customers are now required to provide their full name, IC number, and date of birth.

Previously, only transactions exceeding RM3,000 necessitated IC presentation. However, the updated regulation extends this requirement to all transactions, aligning with international standards for sanctions screening.