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QUESTION

When do money changers have to conduct mandatory KYC checks?

ANSWER

The trigger amount for a KYC check varies in different jurisdictions. Money changers have to conduct customer due diligence for AML/CFT purposes if a customer requests an amount that exceeds a certain threshold stipulated by local regulation in a single transaction.

There needs to be a balance between detecting money laundering and not burdening the money changers with too much administrative work, hence, these amounts may be adjusted periodically. The amounts in green have been converted into local or US dollars for a fair comparison across these jurisdictions.

Jurisdiction Local Currency (As of 04 August 2016) USD or Equivalent (As of 04 August 2016) Documents Needed Effective Date
Indonesia ~ IDR 328,749,686 $25,000 (Previous: $100,000) Document supporting underlying transaction such as health treatment and school tuition fees 28 August 2015
Thailand ~ THB 174,682.50 $5,000 Passport or other travel documents 11 August 2004
Malaysia MYR$3,000 ~USD$740.49 Particulars of customers and duplicate copy of identification documents 26 August 2011
India R$50,000 ~USD$746.69 Identity Proof 1 July 2013
Singapore SGD$5,000 ~USD$3727.73 Identity Card or Passport with full name, address, date of birth and nationality 1 January 2006
Australia AUD$10,000 ~USD$7609.65 12 December 2008
Hong Kong HKD$8,000 ~USD$1,031
  • Identity Card
  • Record of transaction
20 December 2006
New Zealand NZD$10,000 ~USD$7173.05
  • Identity
  • Source of funds
30 June 2013
Dubai AED$2,000 ~USD$545 Identification details such as name and full address 1 December 2000
Macau MOP/HKD$120,000 ~USD$15,000
  • Transaction reference number
  • Date and time of transaction
  • Currencies and amount exchanged
  • Exchange rate
  • Identification document
  • Contact details
2 December 2016
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