ID and Cash Limits for Buying Gold in Malaysia

Malaysian gold dealers and jewellers must identify you (customer due diligence) for any cash transaction of RM50,000 or more, whether you are buying or selling. The RM25,000 cash threshold report applies to banks, not dealers, and there is no legal cap on paying cash.

Facts checked 31 October 2026 · Not financial, legal or tax advice

At a glance

Situation	Rule	Notes
Buying	ID check for cash of RM50,000 or more.	Linked deals on the same day across all branches, and instalments for one purchase, are added together.
Paying cash	No legal cap.	A RM25,000 cash transaction limit was proposed in 2019 but isn't in force.
Selling	Same RM50,000 cash rule when the dealer buys from you.	Bank Negara's FAQ covers dealers buying from customers as well as selling.
Reported	Suspicious transactions only.	If you pay in RM25,000+ cash at a bank, the bank files a cash threshold report.

The rules in detail

Dealers in precious metals or precious stones are reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), supervised by Bank Negara Malaysia.
They must do customer due diligence on you, and on anyone acting for you, for any cash transaction of RM50,000 and above. This covers one deal, several deals in a day that appear linked (across all branches), and several payments over time for a single purchase.
Paying by card or bank transfer doesn't trigger the RM50,000 cash check.
The cash threshold report (cash of RM25,000 or more in a day) applies to banks, some development financial institutions, Lembaga Tabung Haji and casinos. Bank Negara's FAQ says other reporting institutions, including dealers, are not yet required to file it.
Dealers must report suspicious transactions at any amount. In one case Bank Negara fined jeweller Habib Jewels RM96,250 for filing these reports late.

When you sell

A dealer paying you RM50,000 or more in cash must identify you.
No withholding tax or tax report on personal gold sales was found in these rules.

Silver and recent changes

The rules cover dealers in precious metals generally, so the same RM50,000 cash rule applies to silver.
Bank Negara revised its AML policy document for dealers in February 2024. An AMLA amendment bill passed in December 2024 brought in heavier penalties and unexplained-wealth powers, but no cash cap or new gold threshold.

The RM50,000 rule and the point that dealers file no cash threshold reports come from Bank Negara's 2020 FAQ for designated non-financial businesses, the latest public statement found. The February 2024 policy document itself couldn't be opened. We found no sign that the 2019 RM25,000 cash transaction limit has come into force.

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Gold ID and Cash Limits in Malaysia: FAQ

Do I need ID to buy gold in Malaysia?

Dealers must identify you for cash transactions of RM50,000 or more, including linked same-day deals. Below that, or when you pay by card or transfer, there's no fixed ID threshold in the rules.

Is there a cash limit for buying gold in Malaysia?

No. Bank Negara proposed a RM25,000 cash transaction limit in 2019, but it isn't in force.

Do gold shops report cash purchases of RM25,000?

No. The RM25,000 cash threshold report applies to banks and casinos. Dealers report suspicious transactions only.

Sources (6)

General information for individuals buying or selling gold, checked October 2026. Rules change and dealers may ask for more than the legal minimum; check with the dealer or the regulator. Not legal advice.