Bank Negara Malaysia imposed RM18.9 million in monetary penalties across 326 supervisory and enforcement actions in 2024, according to its Annual Report 2024, targeting financial institutions, individuals, and entities found to be in breach of regulatory requirements. Anti-money laundering and counter-financing of terrorism violations accounted for the most common category of breach recorded during the year, the central bank reported.
CEASE-AND-DESIST ORDERS AND FORFEITURES
The RM18.9 million in total penalties was accompanied by 37 cease-and-desist orders issued against unlicensed money services businesses. BNM also forfeited RM28.4 million in assets linked to illegal activities during 2024.