Banking
Malaysia — Banking: International Transfers
Money services businesses in Malaysia, including remittance providers, must be licensed under the Money Services Business Act 2011, which came into force on 1 December 2011 and was amended by Act A1711 from 1 August 2024. Bank Negara Malaysia publishes a searchable list of licensees and separate lists for digital channels and business-to-business remittance, and advises customers to deal only with licensed operators, which can be identified by the Malaysian Association of Money Services Business logo. Carrying on money services business without a licence is an offence under section 4(1), punishable by up to RM5 million, up to 10 years in prison, or both. Fees and exchange margins are set by each provider; compare quotes.
VerifiedGovernment / official sourceBank Negara Malaysia — Money Services BusinessLast reviewed: 2026-10-23
Key facts
- Money services businesses, including remittance providers, must be licensed under the Money Services Business Act 2011 (in force 1 December 2011; amended from 1 August 2024).
- Bank Negara Malaysia publishes a searchable list of licensees, plus lists for digital channels and business-to-business remittance.
- Operating without a licence is an offence under section 4(1): up to RM5 million, up to 10 years' imprisonment, or both.
- Fees and exchange margins are set by each provider; BNM does not publish them.
Common mistakes
- Using an unlicensed operator — check the BNM licensee list first.