Anti-money laundering and combating financial terrorism activities were among the highest enforcement actions taken by Bank Negara Malaysia (BNM) in 2024 with a total penalty of RM18.9 million.
According to the 2024 Annual Report, BNM took a total of 326 supervisory and enforcement actions in 2024 against financial institutions, individuals and entities for violating regulations.
According to the report, other violations involved violations of financial sector policies and foreign exchange.
BNM also conducted surveillance at 123 entities across 166 premises that year to detect unauthorized financial activities.
They also stated that as part of its efforts to combat money services business (MSB), it issued 37 cease and desist orders against unlicensed MSB operators.
The proceeds of the abuse also secured RM125.5 million in compensation for 1.5 million affected customers.
BNM stated that in order to align its regulatory and supervisory priorities with its financial stability mandate, it will continue to strengthen its regulatory and supervisory approach to ensure that the financial system remains resilient to potential future shocks and risks.
