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.
In a statement, Bank Negara said MSBA 2024 also provides greater clarity on the offence of abetting illegal operators, a clearer definition of the remittance business, the scope of evidence that can be used to charge an illegal operator, and enables authorities to forfeit the property of an illegal operator upon prosecution to deter repeat offenders.
Besides, the amendments provide for Bank Negara to take administrative instead of criminal action against operational breaches by MSB licensees. —Bernama
