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Malaysia

Transactions processed in Malaysian ringgit (MYR) require additional detail. The following information must be included:

  • A five digit payment purpose code
  • Payment description
  • A seven digit sort code must be included with payments greater than MYR 10,000.

Buying and selling of MYR by non-residents is only allowed on firm commitment for settlement of (1) international trade in goods or services with a resident or (2) MYR asset.

Non-resident entities sending transactions to JPMorgan via non-JPMorgan offshore bank — allowed for international trade in goods or services with a resident only.

Remitter may be asked to provide supporting documentation.

Supporting documents will be required by the remitter when transacting above 250,000 Malaysia Ringgit (MYR) sent from J.P. Morgan accounts. Transactions without supporting documentation or with incomplete or unclear purpose code will be delayed or rejected. Please see jpmorgan.com/visit/guide for more detailed information on permissible payments and the process for submitting required documentation.

The Foreign Exchange Administration Rules (FEAR) may be updated from time to time by Bank Negara Malaysia (BNM). Please refer to BNM website (www.bnm.gov.my) for adherence to the latest FEAR.

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