Malaysia unveils proposed guidelines for currency processing

It aims to improve transparency and accountability, amongst others.

Malaysia’s central bank is seeking feedback for its proposed standards and guidelines for better accountability, transparency, and prudent practices for registered currency processors (RCPs).

In a statement posted on its website, Bank Negara Malaysia (BNM) is inviting written feedback on the proposals. In particular, BNM said that it seeks suggestions for specific issues, areas to be clarified or elaborated further, or any alternative proposal that BNM should consider.

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BNM asked that the written feedback be “supported with clear rationale, accompanying evidence or appropriate illustrations to facilitate an effective review of this exposure draft.”

Submissions that BNM received may be made public– on an anonymous basis– unless confidentiality is specifically requested.

Deadline for any feedback is set on 15 March 2024. Feedback may be sent to BNM electronically through currency@bnm.gov.my.