JOHOR BARU: A new requirement by Bank Negara has inadvertently caused confusion among the public who think their personal particulars are being collected to be misappropriated, says the Malaysian Association of Money Services Business (MAMSB).
Its chief executive officer K. Raman said the new policy, which is in line with global standards, requires all money-changing businesses to take reasonable measures to adhere to sanctions screening requirements.
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He said there were cases of customers expressing their frustration and anger at workers of moneychanger outlets.
“There was also one customer who lodged a complaint with the association against a moneychanger, alleging that they were trying to scam him,” he said.
He said the problem started on Feb 6 after Bank Negara began requiring customers who want to change even below RM3,000 to provide at minimum their full name, identification card number and date of birth in compliance with sanctions screening requirements.
“Although Bank Negara has been engaging with MAMSB and the industry since last year about this matter, many people were caught off-guard when it was implemented last month.
“In Johor, one man who was asked to give his details at a moneychanger on Feb 6 refused to change his money and went to another moneychanger, who was not aware of the implementation date of the new requirement.
“(The moneychanger) proceeded to change the money without taking down the customer’s details.
“The man then lodged a complaint with the association that the first moneychanger was trying to scam him into getting his personal details,” he told The Star.
Raman said for years now, those who changed more than RM3,000 were already required to provide the above details.
He said the issue now involves those who change below that amount, who will refuse to give their personal details.
“I get about 20 to 30 complaints about this daily from members and we are doing our best to mitigate the problem, including issuing notices to all our members to show their customers and make them understand that this is a requirement set by the regulators,” he said.
Raman also urged the public to be patient at the outlets as it would take some time to key in their details.Saying that all moneychangers need to record transaction details, he explained that these data points are critical in bolstering the effectiveness of sanctions screening measures.
The enhanced measure, Raman added, could help safeguard the integrity of the financial system.
