Foreign Exchange Administration (FEA) Rules

Foreign Exchange Administration Rules


(Incorporating Supplementary Notices on FEA Rules issued on 2 December 2016 and 2 May 2017) GENERAL GUIDE

Foreign Exchange Administration (FEA) Rules



In 2013, Bank Negara Malaysia had issued Notices (“2013 Notices”) on Foreign Exchange Administration Rules (“FEA Rules”) so as to continue to support and enhance the competitiveness of the economy through the creation of a more supportive and facilitative environment for trade, business and investment activities.

The 2013 Notices have been effective since 30 June 2013 and set out transactions that are allowed by Bank Negara Malaysia which otherwise are prohibited under Section 214 read together with Schedule 14 of the Financial Services Act 2013 [Act 758] and Section 225 read together with Schedule 14 of the Islamic Financial Services Act 2013 [Act 759].

On 2 December 2016, Bank Negara Malaysia issued the Supplementary Notice that sets out a set of measures in respect of FEA rules to further facilitate foreign exchange risk management, promote settlement of trade and investment in ringgit and enhance depth and liquidity of onshore financial market. The Supplementary Notice is to be read together with the 2013 Notices and if there is any inconsistency between the Supplementary Notice and the 2013 Notices, the Supplementary Notice shall prevail only to the extent of the inconsistency.

It should be noted that below is a general guide on FEA Rules applicable to generally common transactions that individuals, sole proprietors, partnerships and small and medium business entities who are Residents and Non-Residents, may have and is meant for information only. It is not offered as advice on any particular matter, and should not be taken as such. Please note that the list below is not exhaustive and the reader should receive specific professional advice from the reader’s own advisors on the particular facts and circumstances at issue before acting or refraining from acting on the basis of any matter contained in this guide. Citibank Berhad expressly disclaims all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on the whole or any part of the contents of this general guide.

(A) RULES APPLICABLE TO RESIDENTS
1. Foreign currency accounts
(a) Resident entities and individuals are free to open foreign currency accounts with licensed onshore banks and Non-Resident banks

The two (2) types of Foreign Currency Accounts (FCA) below may be offered by licensed onshore banks in Malaysia to:

 (i) Resident individuals, sole proprietors or general partnership

Trade FCA Investment FCA
Source of funds
  • Up to 25% of receipt of export of goods upon receipt of the proceeds
  • Conversion of ringgit up to six (6) months foreign currency obligations
  • Other foreign currency funds
Any amount using foreign currency funds:
  • From abroad, other than proceeds from export of goods
  • From a non-resident, other than foreign currency (FC) borrowing

  • Up to RM10 million equivalent of foreign currency borrowing from a licensed onshore bank or a non-resident

Up to RM1 million equivalent** in aggregate per calendar year using funds from :
  • Conversion of ringgit
  • Swapping of financial assets
  • Transfer from Trade FCA

**applicable to resident individual, sole proprietor or general partnership with domestic ringgit borrowing.
Uses of funds
  • Foreign Currency obligations
  • ✓ Import payment

    ✓ Foreign currency loan repayment

  • Transfer into Investment FCA subject to investment limit
  • Other current international transactions
Any purpose

(ii) Resident Entities

Trade FCA Investment FCA
Source of funds
  • Up to 25% of receipt of export of goods upon receipt of the proceeds
  • Conversion of ringgit up to six (6) months foreign currency obligations
  • Other foreign currency funds
Any amount using foreign currency funds:
  • From abroad, other than proceeds from export of goods
  • From a non-resident, other than foreign currency (FC) borrowing
  • FC borrowing from a licensed onshore bank for direct investment abroad (DIA)

Up the amount of:
  • Approved FC borrowing from non-resident
  • FC sourced from Initial Public Offering on the main market of Bursa Malaysia

Up to RM50 million equivalent* in aggregate per calendar year on a corporate group basis from:
  • Conversion of ringgit
  • FC borrowing from a licensed onshore bank for purposes other than DIA
  • Swapping of financial assets
  • Transfer from Trade FCA
* applicable to resident entities with domestic ringgit borrowing.
Uses of funds
  • Foreign Currency obligations
  • ✓ Import payment

    ✓ Foreign currency loan repayment

  • Transfer into Investment FCA subject to investment limit
  • Other current international transactions
Any purpose

In Citibank Berhad, currently, all our consumer foreign currency accounts are designated as Investment FCA.
(b) In the case of a resident individual, the foreign currency account can be maintained:
  • individually; or
  • jointly with another Resident individual or the Resident’s immediate family member.
(c) A resident individual is allowed to transfer funds from his foreign currency account opened individually or jointly with another individual into -
  • his own foreign currency account;
  • his joint foreign currency account; or
  • a foreign currency account of his immediate family member opened individually or jointly with any individual.

The above will be subjected to all other rules set out in the Notices on FEA Rules.
2. Investment in foreign currency assets

(a)

Individuals, sole proprietor or general partnership
  • Residents who are individuals, sole proprietor or general partnership without domestic ringgit borrowing are free to undertake an Investment Abroad and investment in foreign currency asset onshore of any amount.
  • Residents who are individuals, sole proprietor or general partnership with domestic ringgit borrowing are allowed to undertake an Investment Abroad and investment in foreign currency asset onshore using:
    (i) any foreign currency funds sourced from abroad, other than proceeds from export of goods;
    (ii) any foreign currency funds from a Non-Resident, other than foreign currency borrowing;
    (iii) foreign currency borrowing up to RM10 million equivalent in aggregate obtained by the Resident from a licensed onshore bank or a Non-Resident;
    (iv) up to RM1 million equivalent in aggregate per calendar year using funds from:
    • conversion of ringgit; or
    • swapping of financial assets; or
    • transfer from Trade FCA (please refer Section 1 above)

(b)

Entities
  • Resident entities without domestic ringgit borrowing are free to undertake an Investment Abroad and investment in foreign currency asset onshore of any amount.
  • Resident entities with domestic ringgit borrowing are allowed to undertake an Investment Abroad and investment in foreign currency asset onshore using amongst others :
    (i) Foreign currency funds sourced from abroad, other than proceeds from export of goods;
    (ii) any foreign currency funds from a Non-Resident, other than foreign currency borrowing;
    (iii) foreign currency borrowing of any amount obtained by the Resident from a licensed onshore bank for Direct Investment Abroad (DIA) only;
    (iv) up to the amount of approved foreign currency borrowing from Non-Resident;
    (v) up to the amount of foreign currency sourced from Initial Public Offering on the Main Market of Bursa Malaysia;
    (vi) up to RM50 million equivalent in aggregate per calendar year on a corporate group basis from ringgit converted into foreign currency, foreign currency borrowing obtained from a licensed onshore bank for purposes other than DIA, transfer from Trade Foreign Currency Account or swapping of financial assets.

For this purpose, a Resident entity is deemed to have domestic ringgit borrowing when the Resident entity or another Resident entity within its group of entities with parent-subsidiary relationship has a ringgit borrowing.

Note:

• To facilitate the operation of the Foreign Currency account by a resident, a licensed onshore bank may offer two types of foreign currency accounts, which is explained in the Section 1 above.

• The definition of “export of goods” was amended in Supplemental Notice of 2 May 2017.

3. Borrowing

(a)

Borrowing in foreign currency
Foreign currency borrowing by Resident individuals, sole proprietor or general partnership from licensed onshore banks and Non-Residents, is subject to an aggregate limit of RM10 million equivalent. A resident individual however is allowed to borrow in foreign currency in any amount from his immediate family member.

For Resident entities, Resident entities are free to obtain any amount of foreign currency borrowing from -
(i) licensed onshore banks;
(ii) Resident or Non-Resident entities within its group of entities;
(iii) Resident or Non-Resident direct shareholders; and
(iv) another Resident through the issuance of foreign currency debt securities.

A prudential limit of RM100 million equivalent in aggregate is applicable to borrowing by Resident entities from other non-residents including Non-Resident financial institutions and other Non-Residents which are not part of its group of entities.

(b)

Borrowing in ringgit from Non-Residents

Resident individuals are free to obtain-
  • any amount of ringgit borrowing from Non-Resident immediate family members and the amount borrowed is to be used in Malaysia only;
  • any amount of ringgit borrowing from his Non-Resident employer in Malaysia as set out below subject to the terms and conditions of his service and the amount borrowed is to be used in Malaysia only:
    (i) Consulate;
    (ii) High Commission;
    (iii) Labuan Entity;
    (iv) Central Bank;
    (v) Supranational;
    (vi) Embassy; or
    (vii) International Organization; and

  • up to RM1 million in aggregate from any other Non-Residents (other than Non-Resident financial institution) for use in Malaysia only.

As for Resident sole proprietor or general partnership, a Resident sole proprietor or general partnership is allowed to borrow up to RM1 million in aggregate from other Non-Residents (other than Non-Resident financial institutions) for use in Malaysia only.

Likewise, a Resident individual, sole proprietor or general partnership is allowed to refinance an outstanding approved borrowing in ringgit, including principal and accrued interest or profit from a Non-Resident (other than Non-Resident financial institutions) subject to the requirements mentioned above and the total outstanding approved borrowing in ringgit including the refinanced amount (if applicable) complies with the requirements set out above.

Resident entities are free to obtain
(1) any amount of ringgit borrowing to finance Activities in the Real Sector in Malaysia from -
(a) Non-Resident entities within its group of entities; and
(b) their Non-Resident direct shareholders; and
(2) up to RM1 million in aggregate from any other Non-Resident, other than a Non-Resident financial institution, for use in Malaysia only and the RM1 million limit shall be based on the aggregate borrowing of the Resident entity and other Resident entities within its group of entities with parent-subsidiary relationship.
4. Payments and receipts

(a)

In foreign currency between Residents

Residents are allowed to pay or receive in foreign currency from another Resident for the following-
  • settlement for the purchase or sale of any, amongst others-
    security or Islamic security;
    financial instrument or Islamic financial instrument, denominated in foreign currency approved by Bank Negara Malaysia; and
  • settlement for education or employment overseas; and
  • (Resident individuals only) for any purpose between immediate family members.

Note: All settlement of domestic trade in goods and services between residents shall be made only in ringgit.

(b)

In foreign currency between Resident and Non-Resident

A Resident is allowed to make or receive payment to or from a Non-Resident in foreign currency for any purpose, other than for payment of derivatives unless such payments are approved and allowed by Bank Negara Malaysia

For the purpose of payment arising from the settlement of services, a Resident is allowed to receive such payment in foreign currency from a Non-Resident in any manner.

(c)

In Ringgit between Resident and Non-Resident in Malaysia

A Resident is allowed to make or receive payment in ringgit, in Malaysia, to or from a Non-Resident, amongst others as follows:
  • The settlement of a ringgit asset including any income and profit due from the ringgit asset;
  • the settlement of trade in goods;
  • the settlement of services, in any manner;
  • income earned or expense incurred, in Malaysia; or
  • for any purpose between immediate family members.

5. Buying and selling of currency

(a)

Buying or selling of ringgit
Residents are free to buy or sell ringgit against foreign currency with a licensed onshore bank (excluding international Islamic banks) on spot basis.

(b)

Buying or selling of foreign currency
Residents are free to buy or sell foreign currency against another foreign currency with a licensed onshore bank.
6. Import and Export of Currency

(a)

Residents are free to import into and export from Malaysia any amount of foreign currency including traveller’s cheques.

(b)

Residents travellers are allowed to carry ringgit on his person or in his baggage or in his possession, only up to USD10,000 equivalent upon arrival or leaving Malaysia.
7. Financial Guarantee

(a)

A resident is allowed to give a financial guarantee in any amount in foreign currency or ringgit on behalf of or in favor of a non-resident, provided where the financial guarantees exceed RM50 million equivalent in aggregate, such guarantees are registered with BNM.

(b)

Notwithstanding Section 7(a) above, BNM approval is required in the following circumstances :-

(i) financial guarantee exceeding RM50Million equivalent in aggregate:-

  • To secure borrowing obtained by a non-resident which is not part of the resident’s group of entities;
  • To secure borrowing obtained by a non-resident which obtains financing from a non-resident financial institution or any person which is not part of the resident entity’s group of entities or not its direct shareholder; or
(ii) financial guarantee in any amount where payment will be made in ringgit to or by a non-resident for an underlying foreign currency borrowing

(c)

A resident is allowed to obtain financial guarantee in any amount in foreign currency or ringgit from a non-resident provided where the financial guarantees exceed RM50 million equivalent in aggregate, such guarantees are registered with BNM.

(d)

Notwithstanding Section 7(c) above, BNM approval is required in the following circumstances :-

(i) financial guarantee exceeding RM100 Million equivalent in aggregate obtained by the resident from a non-resident which is not part of its group of entities or not its direct shareholder including a non-resident financial institution to secure borrowing obtained from a resident or a non-resident which is within resident borrower’s group of entities or its direct shareholder;
or

(ii) Financial guarantee in any amount where payment arising from the financial guarantee will be made in ringgit by a non-resident to secure foreign currency borrowing or to a non-resident.

(e)

Where registration is required (under Section 7(a) and Section 7(c) above), a resident shall register with the Bank Negara Malaysia not later than seven (7) business days after giving or obtaining the financial guarantee.
(B) RULES APPLICABLE TO NON-RESIDENTS
1. Investment in Malaysia

(a)

Non-Residents are free to invest in any form of ringgit assets either as direct or portfolio investments.

(b)

The investments can be funded through-
  • the conversion of foreign currency to ringgit with licensed onshore banks (excluding licensed international Islamic banks) or through an appointed overseas office of the licensed onshore bank’s banking group; or
  • foreign currency borrowings from the licensed onshore banks; or
  • ringgit borrowing from licensed onshore banks (excluding licensed international Islamic banks) for Activities in the Real Sector and for the purchase of residential and commercial properties in Malaysia except for the purchase of land only.

(c)

Non-Residents are free to remit out divestment proceeds, profits, dividends or any income arising from investments in Malaysia. Repatriation, however must be made in foreign currency.
2. Borrowing

(a)

Borrowing in ringgit
  • Non-Residents are allowed to obtain any amount of ringgit borrowing from licensed onshore banks (excluding licensed international Islamic banks) to finance
    (a) Activities in the Real Sector in Malaysia; or
    (b) the settlement for the purchase of goods or services with a Resident via a trade financing facility; or
    (c) the purchase of residential and commercial properties in Malaysia except for the purchase of land only

Non-Residents individuals are allowed to obtain any amount of ringgit financing from:

  • Resident companies, sole proprietors, partnerships and individuals to finance Activities in the Real Sector in Malaysia.
  • individuals who are immediate family members, for any purpose.
  • a licensed insurer or takaful operator up to the attained cash surrender value of any life insurance policy or family takaful certificate purchased by the Non-Resident.
  • Resident employer in Malaysia pursuant to the terms and conditions of service and for use in Malaysia only.
  • his Non-Resident employer in Malaysia as set out below subject to the terms and conditions of his service and for use in Malaysia only:
    (i) Consulate;
    (ii) High Commission;
    (iii) Labuan Entity;
    (iv) Central Bank;
    (v) Supranational;
    (vi) Embassy; or
    (vii) International Organization.

(b)

Borrowing in foreign currency

Non-Residents are free to obtain any amount of foreign currency borrowing from licensed onshore banks, another Non-Resident in Malaysia or any of his immediate family members subject to that stated in this general guide.

Non-Residents can also obtain the foreign currency borrowing from Residents subject to the limits set in the rules on Investment Abroad by Residents and all other notices on FEA Rules.
3. Buying or selling of currency

(a)

Buying or selling of ringgit
Non-Residents are free to buy or sell ringgit against foreign currency with licensed onshore banks (excluding licensed international Islamic banks) on spot basis.

(b)

Buying or selling of foreign currency
Non-Residents in Malaysia are free to buy or sell foreign currency against another foreign currency with a licensed onshore bank.
4. Opening and maintaining of account

(a)

Non-residents are allowed to open and maintain :
(i) foreign currency accounts with licensed onshore banks in Malaysia individually or jointly with
  • another Non-Resident; or
  • a Resident individual who is his immediate family member; and
(ii) an External Account, which is an account in ringgit opened with any financial institutions in Malaysia.
For foreign currency opened by Non-residents with Citibank Berhad, such accounts are not required to be designated unlike for Residents (see Section 1 - Foreign Currency Accounts of the guide for Residents).

(b)

Funds in these accounts are free to be remitted abroad in foreign currency.

(c)

Any payment, receipt or transfer into or from an External Account is subjected to following limits:
  • Up to RM10,000 per cheque;
  • Up to RM10,000 per account per day through an automated teller machine (ATM); or
  • Up to RM10,000 per account per day through any other electronic means, including internet banking, mobile banking or any mobile payment; or
  • Up to RM10,000 deposit per External Account per day in cash.

The above limits shall not apply to -
  • a consulate;
  • a high commission;
  • an embassy;
  • an individual who participates in the Malaysia My Second Home Programme; or
  • an individual who is working or studying in Malaysia including the individual’s spouse, child or parent who is staying in Malaysia.

There is no limit for any cash withdrawal over-the-counter from an External Account.
5. Import and Export of Currency

(a)

Non-Residents are free to import into and export from Malaysia any amount of foreign currency including traveller’s cheques.

(b)

Non-Resident travelers are allowed to carry ringgit on his person or in his baggage or in his possession, only up to USD10,000 equivalent upon arrival or leaving Malaysia.
6. Payment and receipts

(a)

In Ringgit between Non-Residents in Malaysia

A Non-Resident is allowed to make or receive payment in ringgit, in Malaysia to or from another Non-Resident amongst others as follows:
  • the settlement of a ringgit asset including any income and profit due from the ringgit asset;
  • the settlement of domestic trade in goods or services in Malaysia;
  • income earned or expense incurred, in Malaysia; or
  • for any purpose between immediate family members.

(b)

In Ringgit between Non-Resident and Resident in Malaysia

A Non-Resident is allowed to make or receive payment in ringgit, in Malaysia, to or from a Resident, amongst others as follows:
  • The settlement of a ringgit asset including any income and profit due from the ringgit asset;
  • the settlement of trade in goods;
  • the settlement of services, in any manner;
  • income earned or expense incurred, in Malaysia; or
  • for any purpose between immediate family members.

(c)

In foreign currency between Non-Resident and Resident

A Non-Resident is allowed to make or receive payment to or from a Resident in foreign currency for any purpose, other than for payment of derivatives unless such payments are approved and allowed by Bank Negara Malaysia.

For the purpose of payment arising from the settlement of services, a Resident is allowed to receive such payment in foreign currency from a Non-Resident in any manner.
(C) DEFINITIONS USED ABOVE ARE AS FOLLOWS
Activities in the Real Sector Activities relating to -
(a) The production or consumption of goods or services, other than -
(i) Activities in the financial services sector, whether Islamic or otherwise;
(ii) The purchase of security or Islamic security;
(iii) The purchase of financial instrument or Islamic financial instrument; or
(b) The construction or purchase of a residential or commercial property excluding the purchase of land only.
Appointed overseas office The appointed overseas parent company, subsidiary company, sister company, head office or branch of a licensed onshore bank's banking group, excluding a licensed international Islamic bank.
Borrowing Any credit facility, financing facility, trade guarantee or guarantee for payment of goods, redeemable preference share, Islamic redeemable preference share, private debt security or Islamic private debt security other than -

  • Trade credit terms extended by a supplier for all types of goods or services;
  • Forward contract with a licensed bank in Malaysia excluding a contract that involves
    (i) the exchanging or swapping of ringgit or foreign currency debt obligation with another foreign currency debt obligation; or
    (ii) the exchanging or swapping of foreign currency debt obligation with a ringgit debt obligation;
  • Performance guarantee or financial guarantee (i.e. a guarantee or any form of undertaking to secure the repayment of a debt or liability);
  • Operational leasing facility;
  • Factoring facility without recourse;
  • A credit facility or financing facility obtained by a resident individual from a resident to purchase one residential property and one vehicle; or
  • credit card and charge card facility obtained by a resident individual from a resident.
Direct Investment Abroad
(a) Investment abroad resulting in at least 10% equity ownership or control of a Non-Resident entity;
(b) Inter-company lending to a Non-Resident entity within its group of entities; or
(c) Capital expenditure in unincorporated entities or projects by agreement with no establishment created, where a Resident investor -
(i) contributes capital of at least 10% of project cost;
(ii) is entitled to at least 10% of profits from the unincorporated entity or project; or
(iii) has management control of the unincorporated entity or project;
Direct Shareholder A shareholder with at least 10% shareholding in a Resident entity.
Domestic Ringgit Borrowing Borrowing in ringgit obtained by a Resident from another Resident.

For a Resident entity, the borrowing shall exclude borrowing from another Resident entity within its group of entities with parent-subsidiary relationship.
Entity Any corporation, statutory body, local authority, society, co-operative, limited liability partnership and any other body, organisation, association or group of persons, whether corporate or unincorporate, in or outside Malaysia and also includes the Federal Government, State Government or any other governments.
External Account An account in ringgit opened with any financial institutions in Malaysia -
(a) by a Non-Resident -
(i) individually;
(ii) jointly with another Non-Resident;
(i) jointly with a Resident other than -
(aa) for a joint venture in Malaysia;
(bb) a husband and wife; or
(b) by a Resident who operates the account in trust for or on behalf of a Non-Resident.
Financial Guarantee A guarantee or any form of undertaking to secure the repayment of a debt or liability.
Firm Commitment A commitment arising from -
(a) an obligation to make or a right to receive, any payment under any agreement or arrangement;
(b) a holding of an asset including property; or
(c) a holding of a debt, obligation or liability.
Group of entities A Resident entity's -
(a) ultimate holding entity;
(b) parent or head office;
(c) branch;
(d) subsidiary where the resident entity owns more than 50% of shares in the subsidiary;
(e) associate company where the resident entity owns between 10% and 50% of shares in the associate company; or
(f) sister company where the resident entity and its sister company have common shareholder.
Immediate family members In relation to an individual means his spouse, parents, children or siblings.
Investment Abroad
(a) Making of any payment for -
  • purchase of foreign currency-denominated asset in Malaysia offered by a Non-Resident, including Labuan entity;
  • purchase of foreign currency-denominated asset offered outside Malaysia;
  • lending in foreign currency to a Non-Resident;
  • administrative expenses, working capital arising from the set up of any business arrangement, including a joint venture project where no entity is created or established, outside Malaysia;
  • purchase of foreign currency-denominated financial instrument or Islamic financial instrument without firm commitment, other than exchange rate derivative, offered on an overseas person or body that operates a futures market outside Malaysia which is specified in the rules of the derivatives exchange in Malaysia undertaken by a Resident through a Resident futures broker;
  • placement into foreign currency account overseas other than for education or employment abroad; or
(b) swapping of a financial asset in Malaysia for a financial asset outside Malaysia.
Investment in foreign currency asset onshore Making of any payment for -
  • purchase of foreign currency-denominated security or Islamic security offered in Malaysia by a resident as approved by Bank Negara Malaysia;
  • purchase of foreign currency-denominated financial instrument or Islamic financial instrument offered in Malaysia by a resident as approved by Bank Negara Malaysia; or
  • placement into foreign currency account with a licensed onshore bank other than placement for investment abroad;
Labuan entity An entity which is created, incorporated, licensed or registered, as the case may be, under any of the following Acts:
(a) Labuan Companies Act 1990 [Act 441];
(b) Labuan Trusts Act 1996 [Act 554];
(c) Labuan Foundations Act 2010 [Act 706];
(d) Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 [Act 707];
(e) Labuan Financial Services and Securities Act 2010 [Act 704]; or
(f) Labuan Islamic Financial Services and Securities Act 2010 [Act 705].
Licensed onshore bank A licensed bank and a licensed investment bank under the Financial Services Act 2013 and a licensed Islamic bank under the Islamic Financial Services Act 2013.
Non-Resident
(a) any person other than a Resident;
(b) an overseas branch, a subsidiary, regional office, sales office or representative office of a Resident company;
(c) Embassies, Consulates, High Commissions, supranational or international organizations; or
(d) a Malaysian citizen who has obtained permanent resident status of a country or territory outside Malaysia and is residing outside Malaysia.
Parent-subsidiary relationship Direct or indirect relationship where a resident entity is -
(a) a holding entity or ultimate holding entity of another resident entity;
(b) a subsidiary of another resident entity; or
(c) a subsidiary of a non-resident entity, where the ultimate holding entity is a resident entity.
Resident
(i) a citizen of Malaysia, excluding a citizen who has obtained permanent resident status in a country or a territory outside Malaysia and is residing outside Malaysia;
(ii) a non-citizen of Malaysia who has obtained permanent resident status in Malaysia and is ordinarily residing in Malaysia;
(iii) a body corporate incorporated or established, or registered with or approved by any authority, in Malaysia;
(iv) an unincorporated body registered with or approved by any authority in Malaysia; or
(v) the Government or any State Government.

For joint accounts where the relationship is a husband and wife relationship only and one of the joint account holders is a Resident while the other is a Non-Resident, this joint account will be a Resident account. Otherwise, the joint account will be treated as a Non-Resident account where one of the joint account holders is a Non-Resident.
Ringgit Asset
(a) ringgit-denominated security or Islamic security issued in Malaysia by a Resident;
(b) ringgit-denominated security or Islamic security issued by a Non-Resident as approved by the Bank;
(c) ringgit-denominated financial instrument or Islamic financial instrument as approved by the Bank Negara Malaysia;
(d) ringgit deposits with a financial institution in Malaysia; or
(e) property in Malaysia.
For detailed information about Foreign Exchange Administration Rules, please go to Bank Negara Malaysia's website at http://www.bnm.gov.my/fxadmin