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Malaysian Central Bank Requires ID for Cryptocurrency Transactions

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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 is partner in the Litigation Department of Baker McKenzie's New York office. He helps companies solve complex commercial disputes in arbitration and litigation, especially those involving cross-border issues and Section 1782 discovery. David has a degree in computer science and, as a result, has worked on numerous technology-related disputes, including, most recently, those involving blockchain and artificial intelligence. In April 2025, Attorney Intel named David one of the top 25 blockchain lawyers in the country. He is the editor of the Firm's blockchain blog and co-editor of the firm's International Litigation & Arbitration Newsletter. David has been included for a number of years in the Chambers USA Guide and Chambers Global Guide for his expertise in international arbitration. He also sits as an arbitrator and is on the roster of arbitrators for a number of arbitral institutions. David sits on the Board and chairs the governance committee of the New York International Arbitration Center, and is a founding member of the International Arbitration Club of New York. For over 35 years, he has written and spoken often on the subjects of arbitration and international litigation.

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