Bank Negara enforces MSBA 2024

The amendments provide for Bank Negara to take administrative instead of criminal action against operational breaches by MSB licensees.

PETALING JAYA: The Money Services Business (Amendment) Act 2024 (MSBA 2024) will be enforced by Bank Negara effective Aug 1.

According to the central bank, the amendments provide for mandatory imprisonment for a term not exceeding 10 years and a minimum fine of RM50,000 for illegal money services business (MSB) operators.