Bank Negara Malaysia has finally selected 4 companies as registered currency processors under the Currency Act 2020, this comes after applicants submit their registration in October 2021when the tender was opened by the Central Bank.
The four selected are, Armour Security Systems Sdn Bhd, Safeguards G4S, Securiforce Currency Management, and SRT-EON Security Services.
The selected applicants had been subjected to strict criteria listed under the Currency Act 2020, as Currency Processors :
The applicant in carrying on a business of collecting currency notes or currency coins for or on behalf of another person is licensed or engages any person licensed under Section 3 of the Private Agencies Act 1971 [Act 27] to carry on a business of private agency for the purpose of providing guards and protection for the security of the property or business of other people
The applicant shall use premises designated for the exclusive use of the applicant to carry on a currency processing business
The applicant shall use currency processing equipment and machine which are capable to detect and separate counterfeit currency notes or currency coins, to sort/pack currency notes or currency coins by quality as determined by the bank, and to sort/pack currency notes or currency coins by quantity and denomination
