On Apr. 9, MLY CB issued rules on MSB staff training expenditure.
MLY CB issued policy document on Staff training expenditure for money services business (MSB), aiming to ensure licensees prioritize staff training and development.
Outline of Requirements
MSBs must set aside budget for staff training expenditure (STE) at 2% of previous financial year's gross wages; qualifying expenditures include seminar and course fees, scholarships, transportation costs, accommodation, allowances for staff on training.
In-house training costs also qualify, including rental of premises and equipment, related course materials, depreciation costs, as well as salaries of in-house trainers.
MSBs must ensure all staff at every level receive training opportunities; programs must include combination of leadership, technical, as well as soft skills relevant to the staff.
MSBs must submit annual STE report to MLY CB based on specified format; the report must be submitted through FIBox not later than one month after financial year end.
MSBs must maintain relevant supporting documents for amounts reported; written approval from MLY CB required to carry forward unutilized STE allocation to next FY.
Effectiveness
Policy comes into effect for financial years beginning on or after Jun. 1, 2025.
Supersedes previous document on staff training expenditure issued on Nov. 9, 2016.
Regulators
MLY CB
Entity Types
MSB
Reference
Gd BNM/RH/PD 031-6, 4/9/2025
Functions
Compliance; HR; Operations; Record Retention; Reporting; Training
