KUALA LUMPUR: Bank Negara Malaysia (BNM) has imposed administrative monetary penalties (AMP) ranging from RM1,500 to RM2,000 against 13 money services business (MSB) licensees for failure to meet the minimum capital funds requirement between July 2025 and December 2025.
BNM listed Foo In Sdn Bhd; Starling Peak International Sdn Bhd (formerly known as Hijarah Traders Sdn Bhd); Tukaran Baik Sdn Bhd; DB Global Exchange Sdn Bhd, Best Rate Galaxy Sdn Bhd; First Million Avenue Sdn Bhd; Popular Forex Sdn Bhd; Kabir Exchange Sdn Bhd (formerly known as Cendral Sdn Bhd); Mubarak Forex Exchange Sdn Bhd; True Ringgit Sdn Bhd; Alif Money Changer Sdn Bhd; Heng Loong Money Changer Sdn Bhd; and Chop Soon Sheng Sdn Bhd as the 13 MSB licensees.
In a statement, the central bank said 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,” said BNM.
All 13 MSB licensees have paid the respective AMP imposed by BNM and have taken remedial steps to increase their capital funds.
It said the enforcement action taken was 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 fail to meet legal and, or regulatory requirements,” it added. - Bernama
