Travelex MSB Agent Network

The Money Services Business Act 2011 (MSB Act) requires all existing licensed money-changers, non-bank remittance service providers and foreign currency wholesalers to apply for a new licence. Travelex stands ready to provide the support you need to confidently enter the new regulatory framework for the Money Services Businesses in Malaysia.

Travelex is licensed to provide retail money changing and wholesale foreign currency services in Malaysia under the MSB Act.

If you are an existing licensee money changer and are interested in becoming a part of Travelex global network, we are offering international expertise and the use of the Travelex global brand.

 

The Benefits of being a Travelex Agent

  • Reputation – You will become an agent in the world’s largest retail foreign exchange network
  • Infrastructure – We will supply you with technology and control infrastructure specifically designed to efficiently meet the business requirements for Money Services Businesses
  • Regulatory requirements – We will support you to meet the regulatory requirements relating to Know-Your-Customer (KYC), accreditation, sanction checking, transaction monitoring, data retention, receipts and regulatory reporting
  • Performance reporting for your business – Technology supplied will support performance management monitoring of your business
  • Secure and legal supply – Our banknote controls will ensure legal and reliable supply of notes and counterfeit checking of notes passing through your business
  • Training and other support resources – Travelex will provide training and professional tools for use by you and your staff
  • Support for regulatory interactions – Interactions with regulators will be managed by Travelex allowing you the time to focus on developing the success of your business.

 

Your Obligations when a Travelex Agent 

  • Use of supplied technology
  • Vetting of new staff to ensure they meet “fit and proper” regulatory requirements
  • Ensuring your staff commit to training and professional standards expected by Travelex
  • Meeting legal requirements in relation to suspicious matter reporting
  • Sourcing all cash from the Travelex network
  • Consistently applying Travelex procedures relating to security, operational risk, compliance standards and reporting. We will provide you with aids to make this as easy as possible.

 

Value Proposition Offered by Travelex

  • Travelex systems to support walk-up individual customers
  • Security infrastructure support
  • Provision of foreign banknotes
  • Anti-money laundering (AML) monitoring support to meet Malaysia AML legislation
  • Automatic sanctions and Politically Exposed Person (PEP) checking
  • Travelex systems to meet control and accounting requirements of the MSB Act
  • Documentation to assist with accurate reporting
  • Support to maintain sound governance, internal controls and procedures to manage the operations of your business

 

How to become an agent of Travelex?

For more information on how to become our agent, please contact us at +6 03-22813002 / Landline : +6 03-2281 3006 or email enquiries@travelex.com.my.  

 

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