On 5 December 2025, Bank Negara Malaysia (BNM) imposed an Administrative Monetary Penalty (AMP)^[1] of RM10,200 on Mayfair Forex Sdn. Bhd. (Mayfair) for non-compliance with the customer due diligence (CDD) requirements under section 74(3) of the Money Services Business Act 2011 (MSBA), read together with paragraphs 14C.4(a) and 14C.12.1 of the Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions for Financial Institutions Policy Document^[2] (AML/CFT/CPF and TFS for FIs PD).

These provisions require Mayfair, as a reporting institution (RI), to conduct CDD on its customers. The requirement to conduct CDD is to enable RIs to assess their exposure to money laundering (ML) and terrorism financing (TF) risks, as well as take appropriate measures to prevent RIs from facilitating ML/TF and other serious criminal activities.

BNM detected the non-compliance during an on-site examination on Mayfair. The examination revealed that Mayfair had failed to conduct CDD on a customer in relation to a money-changing transaction above RM3,000. In response, Mayfair has taken remedial measures by conducting staff training and enhancing its system to strengthen CDD compliance.

BNM has considered the relevant aggravating and mitigating factors in determining the imposition of the AMP. This includes:

1. severity of the non-compliance;
2. Mayfair’s current controls to ensure compliance with the requirements, which were assessed as generally adequate;
3. past compliance record of Mayfair; and
4. assessment on Mayfair’s post-misconduct behaviour and the effectiveness of remedial actions taken by Mayfair to prevent recurrence of non-compliance.

Mayfair paid RM10,200 for the AMP imposed by BNM on 11 December 2025.

BNM requires all RIs to ensure compliance with AML/CFT and money services business requirements. BNM will not hesitate to take appropriate supervisory and enforcement actions should any RI fail to meet legal or regulatory requirements.

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

[1] BNM imposed the AMP pursuant to paragraph 75(2)(b) of the MSBA.
[2] Issued on 5 February 2024.