Exposure draft on standards for money services

“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 said.

PETALING JAYA: Bank Negara has issued an exposure draft on governance, risk management, and operations for money services business (MSB).

The central bank said the exposure draft outlines the minimum standards that an MSB must observe in ensuring good governance practice and robust risk management as well as internal control systems in carrying out money services activities.