Kuala Lumpur: Anti-money laundering and countering financial terrorism were among the most enforcement actions taken by Bank Negara Malaysia (BNM) in 2024, with total monetary penalties imposed on institutions amounting to RM18.9 million.
According to BERNAMA News Agency, BNM took a total of 326 supervisory and enforcement actions in 2024 against financial institutions, individuals, and entities for breaches of regulations, as detailed in its Annual Report 2024 released today. Other violations included breaches of prudential and foreign exchange policies.
BNM also conducted onsite surveillance at 123 entities across 166 premises in the year to detect unauthorized financial activities. ‘Our surveillance activities are also supported by law enforcement partners such as the Royal Malaysia Police (PDRM) and the National Anti-Financial Crime Centre (NFCC) in disrupting and dismantling illegal schemes and entities,’ it stated.
In its efforts to combat illegal money services businesses (MSB), BNM issued 37 cease-and-desist orders against unlicensed MSB operators. ‘We also forfeited RM28.4 million worth of assets from illegal activities and secured convictions against 11 illegal MSB operators in 2024 for breaches of the Money Services Business Act 2011 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, with a total fine of RM891,000,’ BNM reported.
Additionally, BNM secured RM125.5 million in restitutions for 1.5 million customers from financial institutions that failed to meet regulatory standards. ‘We also took supervisory actions against insurance and takaful brokers and financial advisers that failed to meet regulatory expectations, including acceptable standards of professionalism,’ it added.
Looking ahead, BNM emphasized its commitment to aligning its regulatory and supervisory priorities with its financial stability mandate. It plans to continue enhancing its regulatory and supervisory approaches to ensure a financial system resilient to future shocks and emerging risks.