KUALA LUMPUR— Commercial banks in the country will have to alert the central bank if they receive minimum deposits of RM25,000 and onwards starting January 1 next year.
Bank Negara Malaysia (BNM) governor Datuk Nor Shamsiah Mohd Yunus said today that the move to halve the current deposits threshold is part of the central bank’s efforts to curb money laundering and a black economy.
Malaysia ranks 10th in the list of illicit money outflows and money laundering offences in the world, and it currently has among the highest mandatory cash deposit threshold, higher than the United States’ US$10,000 (RM41,000).
“When we compare Malaysia with other countries, our current threshold is too high and disconnected from the size of our economy, especially relative to our purchasing power.
“Hence, it needs to be updated. In this regard, we would like to announce that we will be lowering the daily cash threshold report to RM25,000 effective 1st January 2019.
Nor Shamsiah said the lowered threshold will bring Malaysia at par with other countries.
“We do not anticipate any impact in terms of economic activity but an increase in effectiveness in taming the black economy that is still heavily reliant on cash transactions,” she said.