Rebecca PY Bank Negara Malaysia has imposed a compound of RM17,400 on Rashidiya Trading Sdn. Bhd. for failing to issue receipts to customers during money-changing transactions, a mandatory requirement under the Money Services Business Act 2011. The company has since paid the fine and implemented remedial measures, including strengthened management oversight and enhanced staff training to prevent future violations.
MALAYSIA, 27 MAY 2026 – Bank Negara Malaysia (BNM) took enforcement action against Rashidiya Trading Sdn. Bhd. (RTSB) on 13 April 2026, imposing a compound of RM17,400 following the company’s failure to comply with receipt issuance requirements for money-changing transactions.
As a licensed money services business operator under the Money Services Business Act 2011 (MSBA), RTSB is obligated to issue receipts to customers for all money-changing transactions in the form and manner prescribed by the central bank. This requirement serves a dual purpose: ensuring proper record-keeping and safeguarding customers in the event of transaction disputes.
The breaches came to light during an on-site supervisory examination conducted by BNM, which revealed that RTSB had failed to issue receipts for two money-changing transactions. Investigators attributed the lapse to inadequate management oversight within the organisation.
In determining the amount of the compound, BNM weighed both aggravating and mitigating factors, taking into account the severity of the breaches, RTSB’s existing compliance controls, its past compliance record, and the effectiveness of post-misconduct remedial actions taken to prevent a recurrence.
Following the enforcement action, RTSB moved swiftly to address the gaps, implementing a series of corrective measures that include reinforcing management oversight and conducting targeted staff awareness training to strengthen internal compliance culture.
RTSB settled the compound in full on 5 May 2026.
BNM has reiterated that all MSBA licensees are expected to maintain strict compliance with money services business regulations, warning that appropriate supervisory or enforcement actions will be taken without hesitation against any licensee that fails to meet its legal and regulatory obligations. The action against RTSB aligns with BNM’s published Enforcement Approach framework.