Bank Negara Malaysia imposes MYR 10,200 administrative monetary penalty on Mayfair Forex for customer due diligence breach

Bank Negara Malaysia imposed an Administrative Monetary Penalty of MYR 10,200 on Mayfair Forex Sdn. Bhd. for non-compliance with customer due diligence requirements under the Money Services Business Act 2011 and the Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions for Financial Institutions Policy Document. The breach was identified during an on-site examination, which found that Mayfair failed to conduct customer due diligence for a money-changing transaction above MYR 3,000. Mayfair has since conducted staff training and enhanced its systems to strengthen customer due diligence compliance. In setting the penalty, Bank Negara Malaysia considered the severity of the non-compliance, Mayfair’s controls which were assessed as generally adequate, its past compliance record, and its post-misconduct behaviour and remedial actions. Mayfair paid the penalty on 11 December 2025, and the enforcement action was taken in line with Bank Negara Malaysia’s Enforcement Approach.