Bank Negara Malaysia (BNM) has imposed a RM17,400 compound on Rashidiya Trading Sdn. Bhd. after the money changer failed to issue receipts for two transactions.
The compound was imposed on 13 April 2026 under the Money Services Business Act 2011.
Licensed money services businesses are required to provide receipts for money-changing transactions in the form and manner prescribed by BNM.
The rule supports proper record-keeping and gives customers documentation in the event of disputes.
BNM found the breaches during an on-site supervisory examination and attributed them to inadequate management oversight.
Rashidiya Trading has since strengthened its management oversight and introduced targeted staff training to prevent similar breaches.
In deciding the compound amount, BNM considered the severity of the breaches, the company’s existing controls, its past compliance record and the effectiveness of its remedial actions.
Rashidiya Trading paid the compound on 5 May 2026.
BNM requires all money services business licensees to comply with legal and regulatory requirements, and may take supervisory or enforcement action against those that fail to meet their obligations.
The action was taken in line with BNM’s published Enforcement Approach.
Featured image: Edited by Fintech News Malaysia, based on image by freepik via Magnific
