On 27 August 2026, Bank Negara Malaysia (BNM) imposed an administrative monetary penalty (AMP)^[1] of RM22,000 on Wawasan Ilham (M) Sdn. Bhd. (WISB) for failure to comply with customer due diligence (CDD) requirements.^[2]

As a reporting institution (RI), WISB is required to conduct CDD on its customers.^[3] The requirements to conduct CDD are intended to enable RIs to assess their exposure to money laundering (ML) and terrorism financing (TF) risks, as well as to mitigate the risk of RIs being used as channels for ML/TF and other criminal activities.

BNM discovered the breach following an on-site supervisory examination on WISB. During the examination, it was found that WISB had failed to conduct CDD on a customer for a money-changing transaction due to inadequate oversight and weak compliance culture.

WISB has since taken remedial measures by strengthening management oversight and enhancing staff awareness through training.

In deciding the AMP to be imposed, relevant aggravating and mitigating factors were considered. These include the severity of the breach and WISB’s:

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

On 14 September 2026, WISB paid RM22,000 for the AMP imposed by BNM.

BNM requires all RIs to maintain a high level of commitment in ensuring compliance with anti-money laundering, countering financing of terrorism and countering proliferation financing (AML/CFT/CPF) requirements. BNM will not hesitate to take appropriate supervisory and/or enforcement actions should any RIs fail to meet legal and/or regulatory requirements.

The enforcement action taken against WISB 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] These requirements are set out under section 74(3) of the MSBA, read together with paragraphs 14C.1(b), 14C.2, 14C.4(a) and 14C.12.1 of the Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions for Financial Institutions Policy Document (AML/CFT/CPF and TFS for FIs PD).}

^{[3] RIs are required to conduct CDD on customers and persons conducting the transaction, when providing money-changing and wholesale currency business. When conducting CDD, RIs are required to identify the customer and verify the customer’s identity using reliable, independent source documents, data or information.}