News & Outreach

Bank Negara Set New Limit for Transactions

A SIDREC Info Alert:

Bank Negara Governor announces new requirements lowering the threshold for banks’ daily cash threshold report (CTR), from 1 January 2019.

Banks will be required to report any cash transaction exceeding RM25,000 in their CTR. This reduces the reporting threshold of cash transactions through financial Institutions, from the current RM50,000 to RM25,000.

Customers will be required to provide information (e.g. the source of funds and purpose of transaction) for transactions involving cash amounts exceeding RM25,000.

 

For more details read, the full story from The Star Online in the link:
https://www.thestar.com.my/news/nation/2018/10/31/only-rm25000-per-transaction-soon-bank-negara-any-amount-higher-than-that-will-be-checked/

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