Bank Negara Malaysia (BNM) imposed administrative monetary penalties ranging from RM1,500 to RM2,000 on 13 Money Services Business (MSB) licensees for failing to meet the minimum capital funds requirement between July and December 2025. All 13 licensees have paid the penalties and taken remedial steps to increase their capital funds. The penalised entities were Foo In Sdn. Bhd.; Starling Peak International Sdn. Bhd. (formerly Hijarah Traders Sdn. Bhd.); Tukaran Baik Sdn. Bhd.; DB Global Exchange Sdn.; Best Rate Galaxy Sdn. Bhd.; First Million Avenue Sdn. Bhd.; Popular Forex Sdn. Bhd.; Kabir Exchange Sdn. Bhd. (formerly Cendral Sdn. Bhd.); Mubarak Forex Exchange Sdn. Bhd.; True Ringgit Sdn. Bhd.; Alif Money Changer Sdn. Bhd.; Heng Loong Money Changer Sdn. Bhd.; and Chop Soon Sheng Sdn. Bhd. BNM based the penalty amounts on the number of non-compliances and the licensees’ historical compliance records, and noted the action aligns with its published Enforcement Approach; the penalties were imposed under section 75(2)(b) of the Money Services Business Act 2011, and relate to the minimum capital funds requirement under section 22(1). First Million Avenue Sdn. Bhd. surrendered its MSB licence effective 31 October 2025 and has since operated as an approved MSB agent.
Bank Negara Malaysia 2026-02-25
Bank Negara Malaysia fines 13 money services businesses RM1,500 to RM2,000 for breaching minimum capital funds rules
Bank Negara Malaysia imposed penalties of RM1,500 to RM2,000 on 13 Money Services Business licensees for failing to meet capital requirements between July and December 2025. The penalties, based on non-compliance frequency and historical records, were under section 75(2)(b) of the Money Services Business Act 2011. All licensees have paid and taken remedial actions, with First Million Avenue Sdn. Bhd. surrendering its license to operate as an MSB agent.