Selangor Journal

Banks to report transactions over RM25K

Photo taken from

By Selangor Journal Staff

As of January 1 2019, banks must report any cash transactions exceeding RM25,000 in their daily cash threshold report.

Bank Negara Malaysia Governor Datuk Nor Shamsiah Yunus said despite the advancements made in e-payments, the use of cash among the public and small and medium-sized businesses remains high.

“This opens up the economy to risks as cash is still being used by criminals to launder illegal proceeds, as we have seen from some high-profile cases over the past year or so,” said Nor Shamsiah.
This represents a reduction of the daily limit from RM50,000 previously.

“Similarly, this is the preferred mode to finance terrorist activities, which will involve transacting in cash,” she said.

This was said in her keynote speech at the 10th International Conference on Financial Crime and Terrorism Financing.

The present requirements for the cash threshold report involves cash transactions exceeding RM50,000 involving physical currencies and bearer negotiable instruments such as travellers’ cheques.

The amount excludes bank drafts, cheques, electronic transfers or fixed deposit rollovers or renewals.
The governor said this change will bring the cash threshold report in Malaysia to be more at par with other countries.

“When we compare Malaysia with other countries, our current threshold is too high and disconnected from the size of our economy, especially relative to our purchasing power,” she said.

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