On 23 September 2025, an enforcement action was taken against Armania Resources and Garuda Ventures Travel Sdn. Bhd. for suspicion of operating money services businesses without a valid license from Bank Negara Malaysia (BNM), as well as potentially engaging in money laundering activities.

The above entities were investigated under subsection 4(1) of the Money Services Business Act 2011 [Act 731] ('MSBA') and subsection 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 [Act 613] ('AMLA').

The enforcement action was undertaken by BNM, with the assistance of the Royal Malaysia Police (RMP). This operation is part of continuous enforcement actions to protect members of the public against potential financial risks when dealing with unlicensed entities in the country.

A total of eight premises in various parts of Perak and Penang were raided. All relevant documents, electronic devices and cash amounting to RM65,487.00 were seized to assist the investigation. In addition, 27 accounts from financial institutions, Lembaga Tabung Haji, Amanah Saham Bumiputera and Wise Payments Malaysia Sdn. Bhd. were frozen.

Under subsection 4(1) of the MSBA, any person who commits an offence for conducting money services business without a license, on conviction, shall be punished with imprisonment for a term not exceeding 10 years, and a fine of not less than RM50,000.00 but not exceeding RM5,000,000.00. Whereas, an offence under subsection 4(1) of the AMLA^[1], on conviction shall be liable to imprisonment for up to 15 years and also shall be liable to a fine of at least five times the value of the proceeds of an unlawful activity or RM5,000,000.00, whichever is higher.

BNM would like to remind the public that operating a money services business without a valid license from BNM is an offence. Members of the public are urged to only deal with licensed money services businesses to safeguard their financial interests. A list of licensed money services businesses can be found at bnm.gov.my/licensed-msb-operators.

If you are aware of any unlicensed entity, do not hesitate to report to BNM here.

^[1] Under subsection 4(1) of the AMLA, any person who:

1. engages, directly or indirectly, in a transaction that involves proceeds of unlawful activity or instrumentalities of an offence;
2. acquires, receives, possesses, disguises, transfers, converts, exchanges, carries, disposes of or uses proceeds of an unlawful activity or instrumentalities of an offence;
3. removes from or brings into Malaysia, proceeds of an unlawful activity or instrumentalities of an offence; or
4. conceals, disguises or impedes the establishment of the true nature, origin, location, movement, disposition, title of, rights with respect to, or ownership of, proceeds of an unlawful activity or instrumentalities of an offence,

commits a money laundering offence.