The FCN Marketplace is available to any registered legal entity in Malaysia, but requires certified true copies of the following documents to be provided as required by law in efforts to combat money laundering and terrorism financing:

Private Limited Company (Sdn Bhd)

1. Certificate of incorporation
2. NRIC, or passport if foreigner, of all directors and shareholders with more at least 25% controlling interest

Sole Proprietor / Partnerships

1. NRIC, or passport if foreigner, of the sole-proprietor or partners
2. Business Registration Certificate (Form A / B)
3. Business License Forms (Form D)

Clubs, Societies and Charities

1. Certificate of registration
2. NRIC / Passport (if foreigner) of the office bearer(s)

You must also provide an executed letter of authority (see template) with NRIC, or passport if foreigner, of all persons, authorised to represent the entity.  This information will be protected by the Malaysian Personal Data Protection Act 2013, but the company documents will be shared with those licenced money changer participating in the FCN Marketplace from whom you’ve accepted a bid in order for them to conduct their customer due diligence in accordance with Bank Negara’s Anti-Money Laundering and Counter Financing of Terrorism Guideline (please refer to §5.3).

Your FCN Marketplace account(s) will be created and made available to the specified authorised personnel via email to start listing your banknote requirements on behalf of your company.

Once the above documents are ready, please reach out to us at marketplace@currenseek.com to arrange for collection. Once this information has been verified by our compliance team, your FCN Marketplace account(s) will be created and made available to the authorized operators to start listings.

Noted:

You can register your interest in our FCN Marketplace (FCNM), but we cannot provide access until you have provided sufficient information about your business. Bank Negara Malaysia regulations require licensed money changers to conduct Know Your Customer (KYC) checks on businesses and their representatives before they can provide currency exchange services. You will need to provide your business registration documents, which we will check and ONLY make available to the money changer you finally accept a bid from on the FCNM. Money Changers whose bid you do not accept will not see your business credentials. Once you have registered we will request and keep you informed on the progress with your document submissions and necessary checks.

No. The service is currently free of charge for corporates

No, you need to arrange payment directly with the licensed money changer who has successfully bid.

We only allow licensed money services businesses registered with Bank Negara Malaysia to access our marketplace and to make bids for your foreign currency requirements. The participating money services businesses are required to submit a copy of their license. Only after this information is verified by us will they be allowed to participate in the Marketplace.

Best means you would normally wait until the end of the Listing to decide which bid to accept. Instant means if a bidder meets your target rate the bid can be automatically accepted and the listing ends early.

All bidders participating on the marketplace will have to be licensed money services businesses under Bank Negara Malaysia who undertake to complete each confirmed deal to the best of their abilities. Money services businesses who do not honour their deals will be blacklisted and barred from using the Marketplace.

Both parties should ideally agree to cancel an exchange. If you have made an error in listing, or have accepted the wrong bid, we would advise you to contact the bidder to explain the situation and work it out among yourselves. If no mutual resolution is achieved you are allowed to cancel the exchange, but all cancellations will be monitored and if there is not a good reason you may be stopped from accessing the Marketplace in future.

Yes, you can set the maximum distance when listing to only be seen by licensed money changers in your area, but be aware that this might restrict the bidders. If they are prepared to bid and deliver, you should still get your currency quickly.