Bank Negara Malaysia imposed an administrative monetary penalty of RM51,000 on Worldwide Superstar Money Changer Sdn. Bhd. for non-compliance with customer due diligence (CDD) requirements under the Money Services Business Act 2011 and related requirements in the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions Policy Document, as well as failures relating to CCTV controls under the Governance, Risk Management and Operations for MSB Policy Document. The non-compliances were identified through an on-site examination. The examination found that the firm failed to conduct CDD on four customers, facilitated through deliberate transaction splitting into amounts below RM3,000, and did not install CCTV cameras at the premises where it keeps business funds. In determining the penalty, Bank Negara Malaysia considered aggravating and mitigating factors including individual culpability, the effectiveness of controls, the firm’s compliance record and remedial actions taken, including strengthening CDD processes, extending CCTV coverage and reprimanding staff. The firm paid the RM51,000 penalty on 26 November 2024 and surrendered its licence on 12 December 2024.
Bank Negara Malaysia 2025-01-28
Bank Negara Malaysia imposes RM51,000 administrative monetary penalty on Worldwide Superstar Money Changer for CDD and CCTV breaches
Bank Negara Malaysia imposed a RM51,000 penalty on Worldwide Superstar Money Changer Sdn. Bhd. for non-compliance with customer due diligence and CCTV requirements under relevant policies. The violations, identified during an on-site examination, included transaction splitting and inadequate CCTV coverage. The firm paid the penalty and surrendered its licence in December 2024.