Download Operational Procedures for Malaysian Ringgit Settlement

OPERATIONAL PROCEDURES FOR
MALAYSIAN RINGGIT (MYR) SETTLEMENT IN THE
REAL TIME ELECTRONIC TRANSFER OF FUNDS AND
SECURITIES SYSTEM (RENTAS)
Version: 2.1
4.5.
Document Ref. No.
500-80/1/0000141
For non-third party transactions, this field shall be completed with the correct RENTAS
Member BIC Code (e.g. BNMAMYKL for BNM).
5.0
“Beneficiary Address” Field
5.1.
The “Beneficiary address” field refers to the address of the beneficiary of the payment and is
not a mandatory field.
5.1.
While the “Beneficiary address” field is not a mandatory field in RENTAS MC, Participants
shall fill in the address of the beneficiary10. No other information shall be included in this field.
6.0
“Payment Details” Field
6.1.
The “Payment details” field shall be used to provide relevant information that allows the
beneficiary to understand the purpose of the payment and to facilitate reconciliation.
6.2.
”Payment details” is a mandatory field and Participants shall complete the field with accurate
information. The Payment Details field is divided into two (2) parts, namely “Payment
Reference Number” and “Payment Description” . Participants may enter the reference or
invoice numbers in “Payment Reference Number” and populate “Payment Description” with
the purpose of payment, remitting customers’ contact information, as well as other information
that the remitting customer wishes to provide to the beneficiary. If there are no payment details
available, the Participants shall insert “Not Applicable” in the payment details field or leave the
field blank.
6.3.
In addition to Clause 6.2, Participants shall ensure that :
i.
the Beneficiary’s statement displays the Ordering Party’s Name, Payment Reference
Number and Payment Description.
ii.
the Ordering Party’s statement displays the Beneficiary’s Name, Payment Reference
Number and Payment Description.
6.4.
Participants shall state the return reason, if they are returning the payment, in the “Payment
Details” field.
6.5.
For Government agencies’ accounts, Participants shall adhere to the instructions for the
payment details field issued by the Government.
10
In line with Anti-Money Laundering and Anti-Terrorism Financing Act (AMLA) 2001 requirements
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