Money brokering business is defined as the business of arranging transactions between buyers and sellers in the money markets with brokers acting as an intermediary in consideration of brokerage fees paid or to be paid, but does not include the buying or selling of foreign currencies by the broker as a principal in such markets.
Applicant should meet the following minimum criteria:
- A licensed domestic money broker
- A Labuan company incorporated under the Labuan Companies Act 1990 (with money brokering expertise)
- Any licensed institutions under the Banking and Financial Institutions Act 1989 with prior approval from Bank Negara Malaysia (Central Bank of Malaysia)
- Has a good track record of financial performance, at least in the three years preceding the application
- Committed to setting up a functional operation in Labuan
The submission should include, but is not restricted to, the following:
- A letter of undertaking from the head office / parent company to undertake any liability arising from the operations of its branch or subsidiary in Labuan.
- The controller, director or chief executive officer and the board of directors of the applicant company must be fit and proper persons. Prior written approval of the appointment must be obtained from Labuan FSA.
- A business plan detailing the operations and strategies of the applicant.
- Audited financial statements for the last two years, if applicable.
- Any other information that is relevant to the application.