BNM Imposes Hefty Fines: Merchantrade Asia Hit with RM29,000 Penalty for Breaching Money Services Business Act
In a move to regulate and ensure compliance with the Money Services Business Act, Bank Negara Malaysia (BNM) has slapped Merchantrade Asia Sdn Bhd with a substantial penalty of RM29,000. Additionally, JAGS Money Sdn Bhd has been fined RM6,000 for similar breaches. The penalties, totaling RM35,000, underscore BNM's commitment to enforcing strict adherence to regulations in the money services sector. This action is expected to bolster consumer protection and maintain the integrity of the financial system. With the increasing importance of regulatory compliance in the financial industry, such measures are seen as crucial in preventing money laundering and other illicit activities. The imposition of these fines also highlights the need for companies to prioritize risk management and compliance with relevant laws and regulations, including anti-money laundering (AML) and know-your-customer (KYC) requirements.