Bank Negara Malaysia (BNM) imposed Administrative Monetary Penalties (AMP) on 10 money services business (MSB) licensees for non-compliance with regulatory requirements between January 2024 and June 2025, relating to failures to submit statistical information within stipulated timelines and failures to meet the minimum capital funds requirement. The AMP ranged from MYR 1,500 to MYR 3,000, with the quantum determined based on the number of non-compliances and the licensees’ historical compliance records. All 10 MSB licensees have paid the penalties and taken remedial steps to address the lapses, including increasing capital funds; the firms named were Team Smart Forex Sdn. Bhd., Bumi Teraju Money Changers Sdn. Bhd., DB Global Exchange Sdn. Bhd., Era Inspirasi Sdn. Bhd., Foo In Sdn. Bhd., Starling Peak International Sdn. Bhd., Maju MC Sdn. Bhd., Pacific Money Exchange Sdn. Bhd., Qurex Sdn. Bhd. and R Trader Money Changer (M) Sdn. Bhd.
Bank Negara Malaysia 2025-12-31
Bank Negara Malaysia imposes MYR 1,500 to MYR 3,000 penalties on 10 money services business licensees for reporting delays and minimum capital breaches
Bank Negara Malaysia imposed Administrative Monetary Penalties on 10 money services business licensees for non-compliance with regulatory requirements, including failures to submit statistical information and meet minimum capital funds. Penalties ranged from MYR 1,500 to MYR 3,000, based on non-compliance frequency and historical records. All firms have paid the penalties and taken remedial actions.