Bank Negara Malaysia (BNM) carried out an enforcement action on 23 September 2025 against Armania Resources and Garuda Ventures Travel Sdn. Bhd. on suspicion of operating money services businesses without a valid BNM licence and potentially engaging in money laundering activities. The entities are being investigated under subsection 4(1) of the Money Services Business Act 2011 and subsection 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, following an operation conducted with assistance from the Royal Malaysia Police. Eight premises across Perak and Penang were raided, with documents, electronic devices and RM65,487 in cash seized, and 27 accounts at financial institutions, Lembaga Tabung Haji, Amanah Saham Bumiputera and Wise Payments Malaysia Sdn. Bhd. frozen to support the investigation. BNM reiterated the statutory penalties for operating an unlicensed money services business and for money laundering offences under the cited provisions. BNM reminded the public that operating a money services business without a valid licence is an offence and urged customers to transact only with licensed operators, referring to its published list of licensed money services businesses and its reporting channel for suspected unlicensed entities.
Bank Negara Malaysia 2025-09-30
Bank Negara Malaysia raids eight premises and freezes 27 accounts in action against suspected unlicensed money services operators in Perak and Penang
Bank Negara Malaysia (BNM) took action against Armania Resources and Garuda Ventures Travel Sdn. Bhd. for allegedly operating unlicensed money services and potential money laundering. The investigation, supported by the Royal Malaysia Police, involved raids on eight premises, seizure of documents and RM65,487 in cash, and freezing of 27 accounts. BNM emphasized legal penalties for unlicensed operations and urged the public to use licensed money services businesses.