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INTRODUCTION TO MONEY BROKING LICENSE
Money broking business is defined as the business of arranging transactions between buyers and sellers in money or foreign exchange 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.
Permitted Activities
In carrying on the money broking business, the licensee is expected to:
- bring together the counterparties on mutually acceptable terms for the same financial products in money or foreign exchange market to facilitate the conclusion of a transaction;
- receive payment for its service in the form of brokerage or commission fees. The fees charged must be adequate and appropriate; and
- act as a mediator and strictly not permitted to act as a principal.
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Eligibility
The eligible applicant to carry on money broking business in Labuan IBFC may include:
1.an individual or institution with money broking expertise and has good track records in carrying on such business, including sufficient number of years of experience;
2.a regulated money broker or any provider of such services from other jurisdictions and has good track records in carrying on such business, including sufficient number of years of experience. A Letter of Awareness or any equivalent written consent has been obtained from its home supervisory authority for conducting money broking business in Labuan IBFC; or
3.any licensed institutions including approved money broker under the Financial Services Act 2013 with prior approval from the Central Bank of Malaysia.
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Operational Requirements
1.Maintain a paid - up capital unimpaired by losses of at least RM500,000 or its equivalent in any foreign currency. Labuan FSA may also exercise its discretion to require additional capital to commensurate with the business operations of the Labuan money brokers, taking into account the risk profile as well as nature, scale, complexity and diversity of their business activities.
2.Maintain an operational office in Labuan. The operational office should be used for business purposes only and must be appropriately furnished with office equipment.
4.Establish an adequate set of internal policies and controls for its operations, compliances, corporate governance and risk management. These need to be regularly reviewed to ensure that they remain appropriate, relevant and prudent.
3.Ensure that the persons in controls, directors and principal officer meet the fit and proper person requirements as specified in the Guidelines on Fit and Proper Requirements issued by Labuan FSA. It is expected that the employees employed to transact in the money broking business are competent and possess sound knowledge of the services offered.
5.Ensure that the counterparties, i.e. principal broker and liquidity provider are regulated by a recognised supervisory or regulatory authority.
6.Labuan money broking business is intended to serve the institutional investors and high-net worth individuals. In this regard, the Labuan money broker is expected to impose a maximum leverage limit of 100:1 on its clients’ trading transactions that would translate to a minimum of 1% margin deposit to enable the opening of a trade position. For illustration purpose, assuming that the transacted volume is USD100,000, the minimum margin requirement will be equivalent to USD1,000.
8.Ensure compliance with the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 and the Guidelines on Anti-Money Laundering and Counter Financing of Terrorism – Banking sector issued by Labuan FSA.
7.Appoint a Labuan approved auditor to carry out an annual audit of its accounts in respect of the business operations pursuant to LFSSA and LIFSSA.
9.Maintain adequate and proper records and books of accounts in Labuan as required by the Directive on Accounts and Record-keeping Requirement for Labuan Entities issued by Labuan FSA. Its name and company number must be clearly indicated on its letterhead, stationery and other documents.
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10.Obtain prior approval from Labuan FSA on the following matters:
- change of ownership and shareholding structure;
- appointment of its directors and principal officer;
- change of its place of business or office in or outside Labuan and business plan;
- establishment of additional office;
- any outsourcing arrangement.
11.For Labuan money broker’s business model/customer interface which is exclusively or substantially electronic, proper management of technology risk must be in place:
- data/system security and arrangements for IT systems maintenance, resilience and support must be supported by a dedicated IT staff;
- notify Labuan FSA as soon as possible, upon discovery of any incident of system malfunction and intrusion; and
- a root cause and analysis report must be submitted to Supervision and Monitoring Department within 14 days or such longer period as the Authority may allow, from the discovery of the incident. The report shall contain:
• an executive summary of the relevant incident;
• an analysis of the root cause and the description of the of the relevant incident to the money broking business; and
• a description of the remedial measures taken to address the root cause and consequences of the relevant incident.
13.Notwithstanding the above, Labuan FSA may impose any additional operational requirements depending on the riskiness level of the money broking business operations on a case by case basis.
12.For Labuan money broker that undertakes Islamic money broking business, is required to appoint a qualified person to its internal Shariah advisory board to ensure that its management and operation are in compliance with Shariah principles. In this regard, the Directive on Islamic Financial Business in Labuan IBFC shall also be observed.
14.Comply with applicable laws, rules and regulations relevant to the money broking business activity, including relevant guidelines issued by Labuan FSA, regulatory requirements of the jurisdictions where the Labuan money broker is authorised to operate in as well as the Malaysian Foreign Exchange Administration rules, at all times. In this regard, the Labuan money broker is expected to obtain the necessary approvals from the authorities in the markets it intends to operate in prior to commencing its business in those respective markets and shall provide a copy of the said approval to Labuan FSA.
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15.The Labuan office shall entail the deployment of resources with sufficient knowledge and expertise to deliver, but not limited to, the following roles and functions:
- Finance and Accounting
Preparation and maintenance of proper accounting records relating to the client’s monies.
- Statistical Submission
Preparation and submission of audited account and periodic statistical returns to Labuan FSA.
- Preparation and Maintenance of Records
• Preparation and maintenance of documents that record any business or corporate decisions made;
• Preparation and maintenance of all records which include the client’s trading records, books and accounts relating to its business operation; and
• Ensure the records and books of account including its service level agreement of outsourcing (if any) are readily available and easily retrievable for inspection by Labuan FSA.
- Contact Person Stationed at Labuan office
For official communication with Labuan FSA, the contact person may be the Principal Officer or any other senior officer who has the authority and responsibility for planning, directing or controlling the activities of the money broking business e.g. operation manager or any other similar functionaries.
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Corporate Tax Regime
A Labuan Company involved in money broking is deemed a Labuan Trading Company under Section 2 of the Labuan Business Activity Tax Act, hence the company has a yearly 3 percent of audited net profit.
To qualify as Labuan money broking business, the Labuan company has to establish substantial activity requirements in Labuan as prescribed by the Labuan Business Activity Tax (Requirements for Labuan Business Activity) Regulations 2018 (Substance Regulation) to avail to the Labuan tax incentives.
Meaning that, the Labuan money broker needs to have its own operational office in Labuan with 2 full times employees, of which 1 must be at managerial level as well as incurred a local business expenditure of RM100,000 annually.