Money Services Business (Amendment) Act 2024 comes into force

KUCHING: The Money Services Business (Amendment) Act 2024 (MSBA 2024), enforced by the Central Bank of Malaysia (BNM) is in force effective Thursday (Aug 1).

According to the statement, the amendments to the MSBA will strengthen BNM’s ability to take effective enforcement actions against illegal operators to serve as a strong deterrent against unauthorised activities that could expose customers to risks and undermine the integrity of the money services business (MSB) industry.

“The amendments provide for mandatory imprisonment for a term not exceeding 10 years and a minimum fine of RM50,000 for illegal operators of MSB, greater clarity on the offence of abetting illegal operators, a clearer definition of remittance business, and the scope of evidence that can be used to charge an illegal operator.

“This also includes authorities to forfeit the property of an illegal operator upon prosecution to deter repeat offenders; and administrative instead of criminal actions to be taken by BNM against operational breaches by MSB licensees in line with more proportionate enforcement actions appropriate to the severity of the offence,” it said.

For the record, the MSBA was first issued in 2011 where it governs the conduct and supervision of the MSB industry, which comprises money changers, remittance service operators, and currency wholesalers.