Money Services Business (Amendment) Act 2024 Effective Today -- Bank Negara

KUALA LUMPUR, Aug 1 (Bernama) -- The Money Services Business (Amendment) Act 2024 (MSBA 2024) will be enforced by Bank Negara Malaysia (BNM) effective today, 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 today, BNM 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. 

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Besides, the amendments provide for BNM to take administrative instead of criminal actions against operational breaches by MSB licensees, in line with more proportionate enforcement actions appropriate to the severity of the offence.  

“The amendments to the MSBA will strengthen BNM’s ability to take effective enforcement actions against illegal operators to serve as a strong deterrent against unauthorised activities that could expose customers to risks and undermine the integrity of the MSB industry,” said BNM.

BNBM said the MSBA was first issued in 2011 to govern the conduct and supervision of the MSB industry, which comprises money changers, remittance service operators, and currency wholesalers. 

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“The Act played an instrumental role in elevating the industry’s professionalism and compliance standards and preventing the abuse of MSB entities for criminal purposes,” it added.

Further information on MBSA 2024 is available at bnm.gov.my/legislation, while reports on any illegal MSB operators can be made at bnmlink.bnm.gov.my.

-- BERNAMA