Many people who live in Labuan do not have a Labuan bank account. This is because Labuan was only recently granted the status of an autonomous region, and there has been some confusion as to whether Labuan residents can open accounts with Malaysian banks. In this article, we will discuss 3 things you should know before opening one:
– You must be a resident or citizen of Malaysia to open an account at any Malaysian bank.
– There are no banks in Labuan that are registered with the Central Bank of Malaysia (CBM).
– The Labuans Authority for Financial Services Development (LAFSD) is currently working on drafting legislation regarding banking services in Labuan.
In conclusion, they are not currently available to Labuans residents or citizens of Malaysia. However, many Malaysian banks have been working closely with the LAFSD to draft legislation regarding banking in Labuan, and it is anticipated that this will be completed soon so they will be available for Labuans residents and citizens of Malaysia.
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