28 June 2022
On 1 June 2022, Bank Negara Malaysia (“BNM”) issued new foreign exchange policy notices (“FEP Notices”) relating to, among other things, dealings in currency, gold and other precious metals, borrowing, and investment in foreign currency assets.
The FEP Notices set out:
- approvals of BNM for transactions which otherwise are prohibited under section 214(2) read together with Schedule 14 of the Financial Services Act 2013 (“FSA”) and section 225(2) read together with Schedule 14 of the Islamic Financial Services Act 2013 (“IFSA”);
- requirements, restrictions, and conditions of the approvals; and
- directions of BNM.
A person must obtain written approval from BNM to undertake or engage in any transactions listed in Schedule 14 of the FSA or IFSA that is not approved by BNM under the FEP Notices.
The FEP Notices came into operation on 1 June 2022.