Compliance

Dear valued customers,

We wish to remind all non-resident/external account holders of i-Muamalat Online Banking that payments or fund transfers from an External Account is subject to a maximum limit of RM10,000 per day (combined limit for the i-Muamalat Online Portal and Mobile Application).

If you wish to perform any payment or fund transfer transactions exceeding RM10,000 in a single day, kindly visit any Bank Muamalat  branch and provide the necessary supporting document(s). All transactions remain subject to Foreign Exchange Policy Notices requirements.

For more information, please refer to the attachment below.

The Anti-Money Laundering Wolfsberg Questionnaire provides an overview of BMMB’s AML Policy, Practices and Procedures for the purpose of correspondent banking services that requires more detailed information about the BMMB’s AML Compliance Programme.

The Bank’s Statement on Anti Financial Crime outlines the Bank’s risk appetite and tolerance in managing Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing, and Targeted Financial Sanctions (AML/CFT/CPF and TFS) risks. The Statement sets clear expectations when dealing with prohibited or high-risk activities, including dealings with sanctioned parties, and guides employees in fulfilling their AML/CFT/CPF and TFS responsibilities. Aligned with the Bank’s risk management framework, the Statement is reviewed regularly to ensure it remains current with regulatory and risk developments.

The Foreign Exchange Policy Notices are a set of rules that are administered by Bank Negara Malaysia (“BNM”) under the Financial Services Act 2013 and Islamic Financial Services Act 2013 to safeguard the value of the currency of Malaysia. This Foreign Exchange Policy Notices was issued on 15 April 2021 with some flexibility to the public to ensuring this notices continues to support the competitiveness of the Malaysian economy by facilitating a more conducive environment for domestic and cross-border real economic activities.

The Foreign Exchange Policy Notices are a set of rules that are administered by Bank Negara Malaysia (“BNM”) under the Financial Services Act 2013 and Islamic Financial Services Act 2013 to safeguard the value of the currency of Malaysia. This Foreign Exchange Policy Notices was issued on 15 April 2021 with some flexibility to the public to ensuring this notices continues to support the competitiveness of the Malaysian economy by facilitating a more conducive environment for domestic and cross-border real economic activities.

Liberalisation of Foreign Exchange Policy (FEP) effective 15 April 2021

With reference to Bank Negara Malaysia’s (BNM) announcement on 31 March 2021 regarding the further liberalisation of the foreign exchange policy (FEP), please note the following:

1. Mandatory conversion of export proceeds by resident exporters of 75% Malaysian Ringgit and 25% Foreign Currency is no longer applicable.
2. All declarations in relation to either Resident Exporter customers or Resident SME Net Importer customers provided to or by the bank is no longer applicable.
3. Payments from one Resident to another Resident within the global supply chain will require a fresh declaration.

For more information, please refer to the BNM Announcement or FAQ.