Bank Negara Malaysia (BNM) imposed an Administrative Monetary Penalty of MYR 14,000 on Moneywave Sdn. Bhd. for non-compliance with sanctions screening requirements under section 74(3) of the Money Services Business Act 2011, read with BNM’s AML/CFT and targeted financial sanctions policy documents for financial institutions. An on-site examination found Moneywave had failed to maintain any sanctions database based on the United Nations Security Council Resolutions list and Malaysia’s Domestic List. The penalty was imposed on 31 October 2025 and paid on 4 November 2025. BNM cited the severity of the breaches, Moneywave’s generally adequate controls, past compliance record, and remedial actions, including subscribing to a commercial sanctions database service integrated into its currency exchange system. BNM reiterated that it expects all reporting institutions to comply with targeted financial sanctions requirements and will take supervisory and enforcement action for failures to meet legal or regulatory obligations.
Bank Negara Malaysia 2025-11-26
Bank Negara Malaysia fines Moneywave MYR 14,000 for targeted financial sanctions screening failures
Bank Negara Malaysia fined Moneywave Sdn. Bhd. MYR 14,000 for not complying with sanctions screening under the Money Services Business Act 2011. The breach involved failing to maintain a sanctions database as required by UN Security Council Resolutions and Malaysia’s Domestic List. Despite Moneywave's adequate controls and remedial actions, BNM stressed the importance of compliance with targeted financial sanctions.