{"id":7048,"date":"2022-07-21T15:25:21","date_gmt":"2022-07-21T07:25:21","guid":{"rendered":"https:\/\/exim.com.my\/development\/?post_type=about-us&#038;p=7048"},"modified":"2023-05-19T17:17:56","modified_gmt":"2023-05-19T09:17:56","slug":"foreign-exchange-policy-fep-2","status":"publish","type":"about-us","link":"https:\/\/exim.com.my\/development\/about-us\/foreign-exchange-policy-fep-2\/","title":{"rendered":"Foreign Exchange Policy (FEP)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7048\" class=\"elementor elementor-7048\" data-elementor-post-type=\"about-us\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ba9387c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ba9387c\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2ebbdc2\" data-id=\"2ebbdc2\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-033d003 main-title premium-type-column elementor-invisible ob-has-background-overlay elementor-widget elementor-widget-premium-icon-list\" data-id=\"033d003\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;rbadges_repeater&quot;:[],&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"premium-icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<ul class=\"premium-bullet-list-box\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t<li class=\"premium-bullet-list-content elementor-repeater-item-84b979c\">\r\n\t\t\t\t\t\t\t\t<div class=\"premium-bullet-list-text\">\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-bullet-list-wrapper premium-bullet-list-wrapper-top \">\r\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" data-src=\"https:\/\/exim.com.my\/development\/wp-content\/uploads\/2022\/07\/line-element.svg\" alt=\"line-element\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\">\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t<div class=\"premium-bullet-list-text-wrapper\">\r\n\t\t\t\t\t\t\t\t\t\t<span class=\"premium-bullet-text\" data-text=\"Foreign Exchange Policy (FEP)\"> Foreign Exchange Policy (FEP) <\/span>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t\t<\/ul>\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8039bce ob-harakiri-inherit elementor-invisible ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"8039bce\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em style=\"font-size: 13px;\">Artikel ini cuma terdapat dalam Bahasa Inggeris buat masa sekarang.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-750e18b elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"750e18b\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ob_glider_is_slider&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-93adbdc\" data-id=\"93adbdc\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;_ob_column_hoveranimator&quot;:&quot;no&quot;,&quot;_ob_column_has_pseudo&quot;:&quot;no&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7981aef ob-harakiri-inherit elementor-invisible ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"7981aef\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In 2013, Bank Negara Malaysia (\u2018BNM\u2019) had issued Notices (\u201c2013 Notices\u201d) on Foreign Exchange Policy Rules (\u201cFEP Rules\u201d) 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.\u00a0<\/p><p>\u00a0<\/p><p>FEP Notices were issued pursuant to the Financial Services Act 2013 (FSA 2013) and Islamic Financial Services Act 2013 (IFSA 2013). Meanwhile,\u00a0<strong>EXIM Bank is governed under the Development Financial Institution Act 2002 (DFIA 2002) and is not defined as a Licensed Onshore Bank (\u201cLOB\u201d), as per BNM\u2019s website.<\/strong><\/p><p>\u00a0<\/p><p>Given the Bank\u2019s unique business proposition involving dealing with residents and non-residents and the exchange of currency, both in ringgit or foreign currencies, which is of similar nature with other LOBs, the regulatory expectations on\u00a0<strong>EXIM\u00a0Bank is not only to ensure compliance with FEP Rules in its day-to-day operations, but also to ensure that all customers are appropriately advised on the relevant FEP requirements<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-beab963 elementor-invisible ob-has-background-overlay elementor-widget elementor-widget-tp-accordion\" data-id=\"beab963\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"tp-accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<div class=\"theplus-accordion-wrapper elementor-accordion   \"\n    id=\"accordion6a03d183b2fb5\" data-accordion-id=\"accordion6a03d183b2fb5\"\n    data-connection=\"\"\n    data-accordion-type=\"accordion\"\n    data-heightlight-text       role=\"tablist\" >\n\n            <div class=\"theplus-accordion-item\"  role=\"tab\">\n            <div id=\"elementor-tab-title-1991\" class=\"elementor-tab-title plus-accordion-header active-default text-left \" data-tab=\"1\" aria-controls=\"elementor-tab-content-1991\">\n                                \n                <span style=\"width:100%\">What is the FEP Rules?<\/span>                <span class=\"elementor-accordion-icon elementor-accordion-icon-right\" aria-hidden=\"true\"><i class=\"elementor-accordion-icon-closed fa fa-plus\"><\/i><i class=\"elementor-accordion-icon-opened fa fa-minus\"><\/i><\/span>            <\/div>\n\n                        <div id=\"elementor-tab-content-1991\" class=\"elementor-tab-content elementor-clearfix plus-accordion-content active-default \" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1991\">\n                <div class=\"plus-content-editor\" ><p>A set of rules that are administered by BNM to safeguard the value of the Malaysian currency.<\/p><\/div>\n            <\/div>\n                    <\/div>\n                <div class=\"theplus-accordion-item\"  role=\"tab\">\n            <div id=\"elementor-tab-title-1992\" class=\"elementor-tab-title plus-accordion-header no text-left \" data-tab=\"2\" aria-controls=\"elementor-tab-content-1992\">\n                                \n                <span style=\"width:100%\">Who are Required to Comply with FEP Rules?<\/span>                <span class=\"elementor-accordion-icon elementor-accordion-icon-right\" aria-hidden=\"true\"><i class=\"elementor-accordion-icon-closed fa fa-plus\"><\/i><i class=\"elementor-accordion-icon-opened fa fa-minus\"><\/i><\/span>            <\/div>\n\n                        <div id=\"elementor-tab-content-1992\" class=\"elementor-tab-content elementor-clearfix plus-accordion-content no \" data-tab=\"2\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1992\">\n                <div class=\"plus-content-editor\" ><ol><li>\u201cResidents\u201d who are dealing in foreign currencies.<\/li><li>\u201cNon-Residents\u201d who are dealing in Malaysian Ringgit, in Malaysia.<\/li><\/ol><\/div>\n            <\/div>\n                    <\/div>\n                <div class=\"theplus-accordion-item\"  role=\"tab\">\n            <div id=\"elementor-tab-title-1993\" class=\"elementor-tab-title plus-accordion-header no text-left \" data-tab=\"3\" aria-controls=\"elementor-tab-content-1993\">\n                                \n                <span style=\"width:100%\">Who are \u201cResidents\u201d And \u201cNon-Residents\u201d?<\/span>                <span class=\"elementor-accordion-icon elementor-accordion-icon-right\" aria-hidden=\"true\"><i class=\"elementor-accordion-icon-closed fa fa-plus\"><\/i><i class=\"elementor-accordion-icon-opened fa fa-minus\"><\/i><\/span>            <\/div>\n\n                        <div id=\"elementor-tab-content-1993\" class=\"elementor-tab-content elementor-clearfix plus-accordion-content no \" data-tab=\"3\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1993\">\n                <div class=\"plus-content-editor\" ><table><thead><tr><th>Definition of Resident<\/th><th>Definition of Non-Resident<\/th><\/tr><\/thead><tbody><tr><td><ul><li>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;<\/li><li>A non-citizen of Malaysia who has obtained permanent residency status in Malaysia and is ordinarily residing in Malaysia;<\/li><li>A body corporate incorporated or established, or registered with or approved by any authority, in Malaysia;<\/li><li>An unincorporated body registered with or approved by any authority in Malaysia; or<\/li><li>The Government or any State Government.<\/li><\/ul><\/td><td><ul><li>Any person other than resident;<\/li><li>An overseas branch, a subsidiary, regional office, sales office or representative office of a resident company;<\/li><li>Embassies, Consulates, High Commissions, supranational or international organisations; or<\/li><li>A Malaysian citizen who has obtained permanent resident status of a country or territory outside Malaysia and is residing outside Malaysia.<\/li><\/ul><\/td><\/tr><\/tbody><\/table><\/div>\n            <\/div>\n                    <\/div>\n                <div class=\"theplus-accordion-item\"  role=\"tab\">\n            <div id=\"elementor-tab-title-1994\" class=\"elementor-tab-title plus-accordion-header no text-left \" data-tab=\"4\" aria-controls=\"elementor-tab-content-1994\">\n                                \n                <span style=\"width:100%\">When is it Required to Comply with FEP Rules?<\/span>                <span class=\"elementor-accordion-icon elementor-accordion-icon-right\" aria-hidden=\"true\"><i class=\"elementor-accordion-icon-closed fa fa-plus\"><\/i><i class=\"elementor-accordion-icon-opened fa fa-minus\"><\/i><\/span>            <\/div>\n\n                        <div id=\"elementor-tab-content-1994\" class=\"elementor-tab-content elementor-clearfix plus-accordion-content no \" data-tab=\"4\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1994\">\n                <div class=\"plus-content-editor\" ><ol><li>All EXIM Bank customers have to comply with FEA Rules when performing a transaction.<\/li><li>If the transaction does not meet the allowable purposes, the source of funds or allowable limits under FEA Rules, customers are required to obtain approval from BNM.<\/li><\/ol><\/div>\n            <\/div>\n                    <\/div>\n                <div class=\"theplus-accordion-item\"  role=\"tab\">\n            <div id=\"elementor-tab-title-1995\" class=\"elementor-tab-title plus-accordion-header no text-left \" data-tab=\"5\" aria-controls=\"elementor-tab-content-1995\">\n                                \n                <span style=\"width:100%\">Why is it Required to Comply With FEP Rules?<\/span>                <span class=\"elementor-accordion-icon elementor-accordion-icon-right\" aria-hidden=\"true\"><i class=\"elementor-accordion-icon-closed fa fa-plus\"><\/i><i class=\"elementor-accordion-icon-opened fa fa-minus\"><\/i><\/span>            <\/div>\n\n                        <div id=\"elementor-tab-content-1995\" class=\"elementor-tab-content elementor-clearfix plus-accordion-content no \" data-tab=\"5\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1995\">\n                <div class=\"plus-content-editor\" ><ol><li>It is in compliance to the BNM\u2019s requirements on FEA to safeguard the value of the currency of Malaysia and balance of payment.<\/li><li>Penalties are imposed, if customers and financial institutions are charged against any non-compliance with FEA Rules, such as fines not exceeding RM50 million and\/or imprisonment for a term not exceeding ten years depending on the type of offence committed.<\/li><\/ol><\/div>\n            <\/div>\n                    <\/div>\n                <div class=\"theplus-accordion-item\"  role=\"tab\">\n            <div id=\"elementor-tab-title-1996\" class=\"elementor-tab-title plus-accordion-header no text-left \" data-tab=\"6\" aria-controls=\"elementor-tab-content-1996\">\n                                \n                <span style=\"width:100%\">Where Can You Find These Requirements?<\/span>                <span class=\"elementor-accordion-icon elementor-accordion-icon-right\" aria-hidden=\"true\"><i class=\"elementor-accordion-icon-closed fa fa-plus\"><\/i><i class=\"elementor-accordion-icon-opened fa fa-minus\"><\/i><\/span>            <\/div>\n\n                        <div id=\"elementor-tab-content-1996\" class=\"elementor-tab-content elementor-clearfix plus-accordion-content no \" data-tab=\"6\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1996\">\n                <div class=\"plus-content-editor\" ><p>Please refer to the website of BNM (FEP), as per below link:<br \/><a href=\"https:\/\/www.bnm.gov.my\/fep\" target=\"_blank\" rel=\"noopener\">https:\/\/www.bnm.gov.my\/fep<\/a><\/p><\/div>\n            <\/div>\n                    <\/div>\n        \n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8f948b8 ob-harakiri-inherit elementor-invisible ob-has-background-overlay elementor-widget elementor-widget-text-editor\" data-id=\"8f948b8\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;_ob_use_harakiri&quot;:&quot;yes&quot;,&quot;_ob_harakiri_writing_mode&quot;:&quot;inherit&quot;,&quot;_ob_postman_use&quot;:&quot;no&quot;,&quot;_ob_widget_stalker_use&quot;:&quot;no&quot;,&quot;_ob_poopart_use&quot;:&quot;yes&quot;,&quot;_ob_shadough_use&quot;:&quot;no&quot;,&quot;_ob_allow_hoveranimator&quot;:&quot;no&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>For further information, please contact us at +603-2601 2000.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"featured_media":0,"parent":0,"template":"","categories":[],"tags":[],"class_list":["post-7048","about-us","type-about-us","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/exim.com.my\/development\/wp-json\/wp\/v2\/about-us\/7048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/exim.com.my\/development\/wp-json\/wp\/v2\/about-us"}],"about":[{"href":"https:\/\/exim.com.my\/development\/wp-json\/wp\/v2\/types\/about-us"}],"version-history":[{"count":1,"href":"https:\/\/exim.com.my\/development\/wp-json\/wp\/v2\/about-us\/7048\/revisions"}],"predecessor-version":[{"id":12609,"href":"https:\/\/exim.com.my\/development\/wp-json\/wp\/v2\/about-us\/7048\/revisions\/12609"}],"wp:attachment":[{"href":"https:\/\/exim.com.my\/development\/wp-json\/wp\/v2\/media?parent=7048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exim.com.my\/development\/wp-json\/wp\/v2\/categories?post=7048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exim.com.my\/development\/wp-json\/wp\/v2\/tags?post=7048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}