Malaysian Central Bank Requires ID for Cryptocurrency Transactions

March 01

A press release from Bank Negara Malaysia (BNM), Malaysisa’s central bank, stated that the  “Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies”  went into effect as of February 27, 2018.   It had been introduced as a draft in December 2017.

Reporting institutions are required to conduct customer due diligence on all customers and the persons conducting the transaction when the reporting institution establishes business relationship with a customer and when the reporting institutions have any suspicion of money laundering or terrorism financing.

The reporting institution is required to obtain at least the following information: (a) full name; (b) National Registration Identity Card (NRIC) number or passport number or reference number of any other official documents bearing the photograph of the customer or beneficial owner; (c) residential or mailing address; (d) date of birth; (e) nationality; and (f) purpose of transaction.

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David Zaslowsky has a degree in computer science and, before going to Yale Law School, was a computer programmer. He is currently the Chairman of the Litigation Department of the firm’s New York office. His practice focuses on international litigation and arbitration. He has been involved in cases in trial and appellate courts across the United States and before arbitral institutions around the world. Many of David’s cases, including some patent cases, have related to technology. Since 2008, David has been included in Chambers for his expertise in international arbitration.

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