As per legislation, money changers need to detail the particulars of customers and receive a duplicate copy of identification documents for transactions of MYR$3,000 or above. Customers may therefore be required to prepare a printed copy for proof of their identity if they want to exchange more than the stipulated amount.
Malaysian Ringgit Currency Conversion - USD, EUR, GBP, CAD Money
Aside from being a target for terrorist financing, Malaysia faces great volatility in their currency after the 1MDB crisis. This has led to the stockpiling of Ringgit currencies, and the Malaysian Association of Money Services Businesses (MAMSB) has stepped in to warn Malaysian money changers against hoarding MYR.
Money Changer in kuala-lumpur
They have also invited the public to submit their complaints via their website if they are unable to get their hands on MYR - MAMSB would then investigate and take action against money changers according to its regulations. Should these preventive efforts fail, the BNM may even suspend licenses and impose other harsher measures.
These measures are undertaken to protect the tourism industry of Malaysia, and to ensure the customers or visitors will always have access to ready supply of the local Ringgit currency.