This exposure draft outlines the minimum standards that a MSB must observe in ensuring good governance practice and robust risk management as well as internal control systems in carrying out money services activities. These revised requirements aim to further elevate the standards of professionalism and compliance in the industry; strengthen industry safeguards against the risks of money laundering and terrorism financing; and enhance customer protection, in line with changing landscape and latest developments in the industry.

Bank Negara Malaysia invites written feedback on the proposals in this exposure draft. The written feedback should be supported with clear rationale, accompanying evidence or appropriate illustrations to facilitate an effective review of this exposure draft.

Responses must be submitted by 28 February 2022.

Please see: Exposure Draft on Governance, Risk Management, and Operations for Money Services Business