Bank Negara Malaysia (BNM) has fined Moneywave RM14,000 for failing to maintain required sanctions screening systems.
The penalty was imposed on 31 October 2025 under Section 74(3) of the Money Services Business Act 2011.
An on-site examination had found that Moneywave did not keep a sanctions database based on the United Nations Security Council Resolutions List and the Domestic List.
These checks help safeguard reporting institutions and the broader financial system from terrorism and proliferation financing risks.
These requirements are set out in the central bank’s 2019 Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions policy and its updated 2024 policy, which also covers Countering Proliferation Financing.
Moneywave has since subscribed to a commercial sanctions database service and integrated it into its currency exchange system.
BNM said it considered the severity of the breaches and Moneywave’s current controls, which were assessed as generally adequate.
It also reviewed the company’s past compliance record and its behaviour after the misconduct, including steps taken to prevent a recurrence.
Moneywave paid the penalty on 4 November 2025. The regulator said all reporting institutions must comply with targeted financial sanctions requirements, and noted that the enforcement action was consistent with its published enforcement approach.
Featured image: Edited by Fintech News Malaysia, based on image by Freepik
