Bank Negara Malaysia (BNM) imposed Administrative Monetary Penalties (AMP)^[1] ranging from RM1,500 to RM2,000 against 13 Money Services Business (MSB) licensees for failure to meet the minimum capital funds (MCF) requirement^[2] between July and December 2025:

1. Foo In Sdn. Bhd.
2. Starling Peak International Sdn. Bhd. (formerly known as Hijarah Traders Sdn. Bhd.)
3. Tukaran Baik Sdn. Bhd.
4. DB Global Exchange Sdn.
5. Best Rate Galaxy Sdn. Bhd.
6. First Million Avenue Sdn. Bhd.^[3]
7. Popular Forex Sdn. Bhd.
8. Kabir Exchange Sdn. Bhd. (formerly known as Cendral Sdn. Bhd.)
9. Mubarak Forex Exchange Sdn. Bhd.
10. True Ringgit Sdn. Bhd.
11. Alif Money Changer Sdn. Bhd.
12. Heng Loong Money Changer Sdn. Bhd.
13. Chop Soon Sheng Sdn. Bhd.

Maintaining adequate capital funds is crucial for business continuity and sustainability to meet public demand for MSB services.

In deciding on the quantum of the AMP, the number of non-compliances and historical compliance records of the MSB licensees were considered.

All 13 MSB licensees have paid the respective AMP imposed by BNM and have taken remedial steps to increase their capital funds.

The enforcement action taken is in line with the approach and processes outlined in the published Enforcement Approach.

BNM requires all licensees to ensure compliance with legal and regulatory requirements. BNM will not hesitate to take appropriate supervisory and enforcement actions should any licensee fails to meet legal and/or regulatory requirements.

^[1] BNM imposed the AMP pursuant to section 75(2)(b) of the Money Services Business Act 2011 (MSBA).

^[2] This requirement is set out under section 22(1) of the MSBA.

^[3] First Million Avenue Sdn. Bhd. has surrendered its license as an MSB effective 31 October 2025 and has since been operating as an approved MSB agent.