Bank Negara Malaysia (BNM) imposed an administrative monetary penalty (AMP)^[1] amounting to RM16,000 on Wang S. Enterprise Sdn. Bhd., a money services business (MSB) licensee for failure to submit statistical information to BNM within the stipulated timeline.^[2]

Timely submission of statistical information is essential for BNM’s risk monitoring, statistical publications and policymaking.

In deciding on the quantum of the AMP, the number of non-compliances and historical compliance records of the MSB licensee were considered.

The MSB licensee has since paid the AMP imposed by BNM and has taken remedial steps to rectify the lapses, including to submit outstanding reports.

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

The enforcement action taken is in line with the approach and processes outlined in BNM’s published Enforcement Approach.

^[1] BNM imposed the AMP pursuant to section 75(2)(b) of the Money Services Business Act 2011 (MSBA).

^[2] This requirement is set out under section 34(1) of the MSBA, read together with the Guidelines on Statistical Reporting for Money Services Business issued on 5 February 2018.