Effective 1st January 2010, all persons entering or leaving Malaysia with cash and/or bearer negotiable instruments exceeding an amount equivalent to USD10,000 are required to declare such amount to the Royal Malaysian Customs using Customs Form K22, which is available at the counters before the Customs checkpoints at all major entry and exit points into Malaysia.

This is a new requirement under section 23 of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA) and is in line with global efforts to combat money laundering and terrorist financing activities. The penalty for non-declaration or making a false declaration is a maximum fine of RM1 million and/or imprisonment of not more than 1 year.

For clarifications or further information on the new currency declaration requirement, please contact BNM customer service offices at BNMTELELINK (1-300-88-5465) or visit BNM website at www.bnm.gov.my.