Important notice:  

FEP Notices set out: 

a) Approvals of Bank Negara Malaysia (BNM) for transactions which otherwise are prohibited under section 214(2) read together with Schedule 14 of the  Financial Services Act 2013 (FSA) and section 225(2) read together with Schedule 14 of the Islamic Financial Services Act 2013 (IFSA);

b) Requirements, restrictions and conditions of the approvals; and 

c) Directions of BNM.

A person shall obtain a written approval of BNM to undertake or engage in any transaction listed in Schedule 14 of the FSA or IFSA that is not approved by BNM under the FEP Notices.

This FEP Notices supersede the Foreign Exchange Notices issued on 15 April 2021.

Customer is advised to read and understand the FEP Notices and ensure all activities performed for accounts maintained with Bank of China (Malaysia) Berhad (the Bank) comply with FEP Notices & the directions issued by BNM at all times.  

Please note that this is a general guide meant for information and educational purposes only, on FEP Notices relating to common transactions that may enter into or undertake by individuals, sole proprietors, partnerships and small and medium business entities, and large corporation who are Residents or Non-Residents. 

This is not a complete set of FEP Notices, where FEP Notices may subject to revision from time to time. Customer is advised to obtain the full details and latest information from BNM’s Foreign Exchange Policy website at https://www.bnm.gov.my/fep. 

This non-exhaustive general guide is not offered as advice on any particular matter, and should not be taken as such. 

1. Definition of Resident

2. Foreign currency account

3. Investment in Foreign Currency Assets

4. Borrowing

5. Payments and receipts

6. Buying and selling of currency

7. Export of Goods

1. Definition of Non-Resident

2. Opening and maintaining of account

3. Investment in Malaysia

4. Borrowing

5. Payment and receipts

6. Buying or selling of currency

Types of Documentary Evidence Required

• Understand the FEP Notices applicable to you as you are responsible to comply with the applicable FEP Notices.
• Accurately declare your resident status when opening an account.
• Accurately declare the beneficiary's residency status when performing transaction that subject to FEP Notices.
• Ensure any receipts and payments into/from your account meet the permissible purposes and limits.
• Accurately declare your domestic ringgit borrowing status and utilization of the investment limit including exposure with other banks when you intend to invest in foreign currency assets onshore or abroad.
• Ensure any transaction(s) into/from your foreign currency account meets the permissible sources and uses of funds and limits.
• Provide relevant information and / or document, as required, for opening of account or performing any transaction(s) subject to FEP Notices.
• Obtain BNM's prior approval if your transaction does NOT meet the permissible purposes or the sources of funds and the allowable limits stated in FEP Notices.
• Obtain BNM's prior approval if you have any dealing or transaction with any Israeli residents or Israeli owned or controlled entities or involving the Israeli currency in any manner.

You may submit your application to BNM online via BNM's 'Foreign Exchange Policy' website (https://www.bnm.gov.my/fep) under the tab 'Submission of Application and Report'.

For customer with approval/exemption from BNM, the customer has to satisfy the Bank’s due diligence process in ensuring the transaction to be facilitated is in line with the approval/exemption. Customer with approvals/exemptions from BNM is expected to provide the approval letter to the Bank.