On 13 April 2026, Bank Negara Malaysia (BNM) imposed a compound^[1] of RM17,400 on Rashidiya Trading Sdn. Bhd. (RTSB) for failure to comply with the requirement on issuance of receipts to customers for money-changing transactions.^[2]

As a licensee under the Money Services Business Act 2011 (MSBA), RTSB is required to issue receipts to customers for money-changing transactions in the form and manner prescribed by BNM. The requirement is intended to ensure proper record-keeping of transactions and protect customers in the event of disputes.

BNM discovered the breaches during an on-site supervisory examination on RTSB. In the course of the examination, it was found that RTSB had failed to issue receipts for two money-changing transactions due to inadequate management oversight. In response, RTSB has implemented remedial measures, including strengthening management oversight and enhancing staff awareness through targeted training.

In deciding the compound to be imposed, relevant aggravating and mitigating factors were considered. These include the severity of the breaches and RTSB’s:

1. current controls to ensure compliance with the requirement;
2. past compliance record; and
3. post-misconduct behaviour, including the effectiveness of the remedial actions to prevent recurrence of breaches.

On 5 May 2026, RTSB paid RM17,400 for the compound imposed by BNM.

BNM requires all MSBA licensees to ensure compliance with money services business requirements. BNM will not hesitate to take appropriate supervisory and/or enforcement actions should any MSBA licensee fail to meet its legal and/or regulatory requirements.

The enforcement action taken against RTSB is in line with the approach and processes outlined in the published Enforcement Approach. 

^[1] The compound was imposed pursuant to section 88(1) of the MSBA, with the written consent of the Public Prosecutor.

^[2] This requirement is set out under section 27(1) of the MSBA.