Bank Negara Malaysia (BNM) has released a new set of Foreign Exchange Notices which came into force on 30 April 2020. These set out the approvals of the central bank for transactions which otherwise are prohibited under the Financial Services Act 2013 and the Islamic Financial Services Act 2013, the requirements, restrictions and conditions of the approvals as well as the directions of the central bank.

These Foreign Exchange Notices superseded the following:

1. Notices on Foreign Exchange Administration Rules issued by the BNM on 28 June 2013 and effective on 30 June 2013;
2. Supplementary Notice on Foreign Exchange Administration Rules – Measures to Promote the Development of Malaysian Financial Market dated 2 December 2016;
3. Supplementary Notice (No. 2) on Foreign Exchange Administration Rules and Amendment to the Definitions of the Notices on Foreign Exchange Administration Rules – Measures to Promote Development of Malaysian Financial Market dated 2 May 2017;
4. Supplementary Notice (No. 3) on Foreign Exchange Administration Rules – Measures to Promote Development of Malaysian Financial Market dated 8 September 2017;
5. Supplementary Notice (No. 4) on Foreign Exchange Administration Rules dated 17 August 2018;
6. Supplementary Notice (No. 5) on Foreign Exchange Administration Rules dated 27 March 2019; and
7. Supplementary Notice (No. 6) on Foreign Exchange Administration Rules and Amendment to the Definitions of the Notices on Foreign Exchange Administration Rules dated 30 August 2019.

We have on 5 August 2020 published an alert which focuses on the refinements effected under the new Foreign Exchange Notices here.

If you have any questions, please feel free to contact us.