JAGS Money Sdn. Bhd. is once again facing regulatory consequences, with Bank Negara Malaysia (BNM) imposing RM87,000 in fines for compliance failures detected during an inspection.

The penalties comprise a RM17,400 administrative monetary penalty imposed on 19 September 2025 for customer due diligence breaches involving transactions above RM3,000, and a RM69,600 compound issued on 31 July 2025 for failing to issue receipts to customers.

The AMP was imposed under the Money Services Business Act 2011 and the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions Policy Document, while the compound was issued with the consent of the Deputy Public Prosecutor.

BNM said the breaches were uncovered during an on-site examination and traced to a former JAGS employee.

The company has since tightened its internal guidelines and monitoring processes to meet regulatory requirements.

In determining the penalties, BNM considered the severity of the breaches, the adequacy of JAGS’ controls which were found to be generally adequate, its compliance record, and the remedial measures taken.

JAGS settled the RM69,600 compound on 7 August 2025 and the RM17,400 penalty on 30 September 2025.

This latest enforcement follows a previous RM6,000 fine for sanctions screening failures.

BNM reiterated that all reporting institutions must comply with anti-money laundering and counterterrorism financing regulations or face firm regulatory action.

Featured image: Edited by Fintech News Malaysia, based on image by farknot via Freepik