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> Need eli5 on the Cash transaction limit of 25k thi

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TSpuremage111
post Feb 23 2021, 08:32 AM, updated 4d ago

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http://amlcft.bnm.gov.my/AMLCFT05b.html

Based on the website above
We will be require to report as long as we transfer above rm25000 for every transaction?

And lets say if i had withdraw rm25001, what should i do? Will the bank call me and i need explain or what

Thanks
GrumpyNooby
post Feb 23 2021, 08:39 AM

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QUOTE(puremage111 @ Feb 23 2021, 08:32 AM)
http://amlcft.bnm.gov.my/AMLCFT05b.html

Based on the website above
We will be require to report as long as we transfer above rm25000 for every transaction?

And lets say if i had withdraw rm25001, what should i do? Will the bank call me and i need explain or what

Thanks
*
I believe this is for cash transaction over the counter.
xander83
post Feb 23 2021, 09:08 AM

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QUOTE(GrumpyNooby @ Feb 23 2021, 08:39 AM)
I believe this is for cash transaction over the counter.
*
It is involving physical currencies (domestic or foreign currency) and bearer negotiable instruments such as travellers’ cheques but excludes bank drafts, cheques, electronic transfers or fixed deposit rollovers or renewals. These include transactions involving withdrawal of cash from accounts or exchange of bearer negotiable instruments for cash.

Basically only physical currencies withdrawals and physical cash deposits through over the counter

The other to bypass this is to split the currency deposits through the machine which I believe subject to maximum 10k per transaction with only 2 times a day otherwise when the 3rd same transaction it will trigger AMLA alert to the bank itself which will withhold the money and subject to declaration to clear with BNM
TSpuremage111
post Feb 23 2021, 11:13 AM

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QUOTE(xander83 @ Feb 23 2021, 10:08 AM)
It is involving physical currencies (domestic or foreign currency) and bearer negotiable instruments such as travellers’ cheques but excludes bank drafts, cheques, electronic transfers or fixed deposit rollovers or renewals. These include transactions involving withdrawal of cash from accounts or exchange of bearer negotiable instruments for cash.

Basically only physical currencies withdrawals and physical cash deposits through over the counter

The other to bypass this is to split the currency deposits through the machine which I believe subject to maximum 10k per transaction with only 2 times a day otherwise when the 3rd same transaction it will trigger AMLA alert to the bank itself which will withhold the money and subject to declaration to clear with BNM
*
Okay hope i get it right
So this only applies to physical currency which means cash since it excludes bank drafts, cheque and electronic transfer as you mentioned right?

But I don't get the part
"Basically only physical currencies withdrawals and physical cash deposits through over the counter"

Does the OTC here means the bank counter? Or any other medium?

Thanks
GrumpyNooby
post Feb 23 2021, 12:19 PM

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QUOTE(puremage111 @ Feb 23 2021, 11:13 AM)
Okay hope i get it right
So this only applies to physical currency which means cash since it excludes bank drafts, cheque and electronic transfer as you mentioned right?

But I don't get the part
"Basically only physical currencies withdrawals and physical cash deposits through over the counter"

Does the OTC here means the bank counter? Or any other medium?

Thanks
*
To date, CTR reporting obligations are imposed on banking institutions and the licensed casino only.
xander83
post Feb 23 2021, 02:27 PM

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QUOTE(puremage111 @ Feb 23 2021, 11:13 AM)
Okay hope i get it right
So this only applies to physical currency which means cash since it excludes bank drafts, cheque and electronic transfer as you mentioned right?

But I don't get the part
"Basically only physical currencies withdrawals and physical cash deposits through over the counter"

Does the OTC here means the bank counter? Or any other medium?

Thanks
*
Yes OTC means through bank teller in a bank a counter
TSpuremage111
post Feb 23 2021, 02:28 PM

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QUOTE(GrumpyNooby @ Feb 23 2021, 01:19 PM)
To date, CTR reporting obligations are imposed on banking institutions and the licensed casino only.
*
QUOTE(xander83 @ Feb 23 2021, 03:27 PM)
Yes OTC means through bank teller in a bank a counter
*
Thanks and appreciated both guys!
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xander83
post Feb 23 2021, 02:29 PM

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QUOTE(GrumpyNooby @ Feb 23 2021, 12:19 PM)
To date, CTR reporting obligations are imposed on banking institutions and the licensed casino only.
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You forgetting money changer as well

Anything more than RM10k CTR will be imposed
GrumpyNooby
post Feb 23 2021, 02:30 PM

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QUOTE(puremage111 @ Feb 23 2021, 02:28 PM)
Thanks and appreciated both guys!
biggrin.gif
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It is an action by the bank and not you.
Banks need to know the source of the fund (cash) especially those transacted over the counter at the branch as it has no electronic trail.
Don't get annoyed if you're being interviewed by the bank staff at the counter or the branch manager especially you're bringing big stash of hard cash or equivalent.

This post has been edited by GrumpyNooby: Feb 23 2021, 02:31 PM
xander83
post Feb 23 2021, 02:54 PM

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QUOTE(GrumpyNooby @ Feb 23 2021, 02:30 PM)
It is an action by the bank and not you.
Banks need to know the source of the fund (cash) especially those transacted over the counter at the branch as it has no electronic trail.
Don't get annoyed if you're being interviewed by the bank staff at the counter or the branch manager especially you're bringing big stash of hard cash or equivalent.
*
Don’t forget it is protective action by the bank if anything goes wrong if the money is insured especially robbery which goes a faster and easier way for police report
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Conslow2020
post Feb 23 2021, 05:58 PM

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Its ok pengurup wang india already ask for your information if above 5k even more retarded .
dwRK
post Feb 23 2021, 06:16 PM

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afaik... cumulative... 25k per day... 300k per month...

any form of xfer... online may get limited... otc just need to sign n give reason...

no idea about cash... biggrin.gif

 

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