KUALA LUMPUR: Bank Negara Malaysia (BNM) is enforcing the Money Services Business (Amendment) Act 2024 (MSBA 2024) effective today.

In a statement, the central bank said the amendments will strengthen its ability to take effective enforcement actions against illegal operators. 

This serves as a strong deterrent against unauthorised activities that could expose customers to risks and undermine the integrity of the money services business (MSB) industry, said BNM. 

The amendments provide for mandatory imprisonment for a term not exceeding 10 years and a minimum fine of RM50,000 for illegal operators of MSB, greater clarity on the offence of abetting illegal operators, a clearer definition of remittance business, and the scope of evidence that can be used to charge an illegal operator. 

It also calls for authorities to forfeit the property of an illegal operator upon prosecution to

deter repeat offenders; and administrative instead of criminal actions to be taken by BNM against operational breaches by MSB licensees in line with more proportionate enforcement actions appropriate to the severity of the offence.

The MSBA was first issued in 2011. It governs the conduct and supervision of the MSB industry, which comprises money changers, remittance service operators, and currency wholesalers.

https://www.nst.com.my/business/corporate/2024/08/1084917/bank-negara-money-services-business-act-2024-comes-force-today