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On 5 August 2016, Malaysia's central bank, Bank Negara Malaysia (BNM) issued a much-anticipated policy document in relation to the transfers of business by a licensed person in Malaysia (Policy Document). The Policy Document clarifies the scope of Section 100 of the Financial Services Act 2013 and Section 112 of the Islamic Financial Services Act by outlining the types of transfers that require the specific approval of BNM.

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