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Deadline for Registration of Currency Processors Extended

21 October 2021

Bank Negara Malaysia (‘BNM’) announced on 15 October 2021 that the deadline for submission of applications for registration of currency processors under the Currency Act 2020 (‘the Act’) has been extended to 31 March 2022.
 
At the same time, BNM also announced that further information regarding the registration will be announced at a later date.
 
BNM’s announcement on the above matters can be accessed here.
 
The Act, which came into operation on 1 October 2020, requires any person, other than BNM or a financial institution, who carries on a currency processing business or holds itself out to be a registered currency processor, to be registered under section 26 of the Act. The expression “currency processing business” means:  
 
  1. the business of: 
  • collecting currency note or currency coin; 

  • sorting currency note or currency coin by authenticity and quality; and 

  • packing currency note or currency coin by quality, quantity and denomination, 
    by a person for or on behalf of another person; or 
  1. any other activity declared by the Minister of Finance to be a currency processing business under section 23 of the Act. 
Our previous Alerts on the Act can be accessed here, here and here.
 
Alert by Lee Ai Hsian (Partner) and Tan Wei Liang (Associate) of the Corporate Practice of Skrine.

    This alert contains general information only. It does not constitute legal advice nor an expression of legal opinion and should not be relied upon as such. For further information, kindly contact skrine@skrine.com.

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