Bank Negara Malaysia (BNM) has fined AmBank (M) Berhad and AmBank Islamic Berhad RM276,000 each for failing to submit cash threshold reports (CTRs) on time.
BNM said the breaches resulted from technology implementation lapses caused by inadequate oversight of system changes.
The central bank imposed the penalties on 10 September 2026, and both banks paid them on 22 September.
BNM also announced a RM113,100 penalty against TML Remittance Center Sdn. Bhd. for failing to conduct customer due diligence (CDD).
AmBank identified breaches through internal review
Reporting institutions in Malaysia must submit CTRs to BNM within five working days of a transaction. These reports provide BNM and law enforcement agencies with information to support financial crime investigations.
AmBank identified the breaches during an internal review of its transaction and regulatory reporting records, which revealed that the group had failed to submit CTRs for multiple transactions.
The group has since submitted the outstanding reports, updated its standard operating procedures and systems, and strengthened its internal controls and oversight.
In determining the penalties, BNM considered the severity of the breaches, AmBank’s lack of reasonable care in complying with anti-money laundering, counter-terrorism financing and counter-proliferation financing (AML/CFT/CPF) requirements, and its past compliance record.
BNM also considered the group’s decision to self-report the breaches and the effectiveness of its corrective measures in preventing similar incidents.
TML failed to conduct customer due diligence
BNM identified TML’s breaches during an on-site supervisory examination, which found that the company had failed to conduct the required customer due diligence checks for remittance transactions.
The breaches resulted from failures to comply with regulatory requirements and internal customer onboarding procedures, alongside inadequate branch-level oversight of daily operations.
TML has since enhanced its remittance system and strengthened its monitoring mechanisms to ensure compliance with internal procedures and BNM’s requirements.
BNM imposed the penalty on 24 September 2026, and TML paid it the following day.
BNM enforcement actions in 2026
The penalties follow several other enforcement actions announced by BNM this year.
In April, BNM disclosed that it had fined Bank Rakyat RM1 million in January over cybersecurity and customer information protection breaches.
In August, the central bank also announced penalties against Setel Ventures and two Standard Chartered entities for failures involving targeted financial sanctions screening.
BNM reiterated that all reporting institutions must maintain a high level of commitment to AML/CFT/CPF compliance.
The regulator said it would continue taking appropriate supervisory or enforcement action against institutions that fail to meet their legal and regulatory obligations.
Featured image credit: Edited by Fintech News Malaysia, based on image by fabrikasimf via Magnific
