29 September 2021
On 15 September 2021, Bank Negara Malaysia (“BNM”) issued a policy document (“Policy Document”) setting out its requirements and expectations with regard to merchant acquirers registered under sections 17(1) and 18 of the Financial Services Act 2013. The Policy Document primarily sets out BNM’s expectations of effective governance and oversight, operational risk management and information technology management of registered merchant acquirers, including:
- setting out the roles and responsibilities of directors and senior managers of companies and businesses running merchant acquiring services;
- minimum capital requirements for non-bank acquirers; and
- minimum checks and procedure to be conducted when on-boarding/ recruiting new merchants.
For bank merchant acquirers, the Policy Document will come into effect on 15 March 2022. For non-bank acquirers, the provisions for minimum capital funds requirements under paragraph 9 of the Policy Document will come into effect on 15 September 2023, and information technology requirements under paragraphs 17.1 to 21.3 will come into effect on 15 September 2022.