If you’re looking to travel abroad or if you want to exchange currencies due to our weak ringgit, you’d probably be heading to your nearest money changer. Previously, only those who wanted to exchange foreign currency worth RM3,000 and above were required to provide their personal particulars to moneychangers.

However, a new Bank Negara rule now requires customers who exchange foreign currency with money changers for amounts of RM3,000 and above will be required to provide their full name, identification card number, and date of birth. 
 
This new rule was introduced by Bank Negara Malaysia’s Financial Intelligence and Enforcement Department on 5 February 2024 as part of the Policy Document on Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions (AML/CFT and TFS for FIs).
 


As reported by The Star, foreigners will also need to show their passports. The public is unhappy about the announcement of this recent ruling as they feel that their particulars may be sold to scammers or they may be reported to the Inland Revenue Board (LHDN).  
 
Over in Singapore, those changing less than S$5,000 (RM17,750) are not required to provide their personal details. This has caused a huge drop in business for money changers in Johor as Malaysian workers are instead choosing to change their money in Singapore.

Many Johorians who work in Singapore also find this ruling inconvenient.  
 
Mohd Ali Hassan, 47, a Malaysian who commutes daily to Singapore for work said to The Star, “Why are they asking me for my personal details? I am worried this information may be misused and they might report me to the income tax department,” he said, adding that in the past, he used to change his money in Johor where the exchange rates were sometimes better.
 
Wendy Tan, 35, also started carrying out her currency exchange transactions in Singapore as she is afraid that her particulars may be misused. “I was shocked when the moneychanger asked me for my details just to change S$200 (RM710),” she said.
 
Online user @alanbahtu also condemned the new ruling, saying that it was better to change his money in Singapore. 
 

Malaysia implement this rule to Money Changer is stupid. Need your ID/passport regardless of you amount. Better change in Singaporehttps://t.co/L9Iew8xSLn