Explore answers with confidence.
Search through curated knowledge and find what you need — fast.
Question: What happens to the jurisdiction when depositing foreign currency deposits with a financial institution in Malaysia (Labuan)?
5-1. About Corporate Account Opening
Answer: Foreign currency deposits are usually deposited in a correspondent bank account opened by the bank. The correspondent account is subject to extraterritorial rights and the laws of the financial institution. Therefore, Malaysia (including Labuan) banks have legal jurisdiction over Malaysia and Singapore banks have legal jurisdiction over Singapore.
Services
Bona Trust Corporation offers Labuan company incorporation, trust setup, work permits, and more, connecting global businesses to ASEAN.
Explore More