When do money changers have to conduct mandatory KYC checks?
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|| ||20 December 2006|
|New Zealand||NZD$10,000||~USD$7173.05|| ||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|| ||2 December 2016|