Bank Negara Malaysia (BNM) imposed Administrative Monetary Penalties (AMP)^[1] ranging from RM1,500 to RM3,000 against 10 Money Services Business (MSB) licensees (as listed in Table 1) for non-compliances with regulatory requirements between January 2024 and June 2025, relating to failure to:

1. submit statistical information to BNM within the stipulated timeline^[2]; or
2. meet the minimum capital funds (MCF) requirement^[3].

Timely submission of statistical information is essential for BNM’s risk monitoring, statistical publications, and policymaking, while 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 10 MSB licensees have paid the respective AMP imposed by BNM and have taken remedial steps to rectify the lapses, including increasing their capital funds.

Table 1: List of the MSB licensees

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 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 34(1) of the MSBA, read together with the Guidelines on Statistical Reporting for Money Services Business issued on 5 February 2018.
^[3] This requirement is set out under section 22(1) of the MSBA.