Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: CryptoGirl on November 23, 2017, 10:06:12 PM
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The governor of Malaysia's central bank, Bank Negara Malaysia (BNM), Muhammad Ibrahim said the new rules are being drawn up to combat the financing of money-laundering and terrorism in the country.
under the framework, those who convert digital currencies into conventional money will be termed as "reporting institutions" from next year, under the country's anti-money laundering and anti-terrorism financing act.
Reporting institutions are obliged by law to take preventive measures, such as submitting suspicious transaction reports, to avoid acting as a channel for illicit money transmission.
Ibrahim added:
"This is to prevent the abuse of the system for criminal and unlawful activities and ensuring the stability and integrity of the financial system."
https://www.coindesk.com/central-bank-of-malaysia-plans-cryptocurrency-reporting-rules/