BNM Imposes Penalties On Three Entities For Anti-money Laundering, Terrorism Breaches

KUALA LUMPUR, Oct 28 (Bernama) -- Bank Negara Malaysia (BNM) has imposed administrative monetary penalties (AMP) of RM276,000 each on AmBank (M) Bhd and AmBank Islamic Bhd for failing to submit cash threshold reports (CTR) promptly. 

The central bank said the breaches were identified through AmBank Group’s review of its transaction and regulatory reporting records.

“AmBank Group discovered that it had failed to submit CTR to BNM for multiple transactions, attributed to lapses in its technology implementation arising from inadequate oversight on system changes,” BNM said in a statement today.

BNM said AmBank Group has since taken remedial measures, including submitting the omitted CTR to BNM, enhancing its standard operating procedures and systems, and strengthening its control frameworks and oversight.

Cash threshold reports provide BNM and other law enforcement agencies with information to support financial crime investigations. Prompt submission of these reports mitigates the risk of reporting institutions being used as channels for money laundering and terrorism financing, and other criminal activities, the statement said.

AmBank and AmBank Islamic each paid RM276,000 on Sept 22, 2026, the same day penalties were imposed.

In a separate statement today, BNM said it also imposed an administrative monetary penalty of RM113,100 on TML Remittance Center Sdn Bhd (TML) for failing to comply with customer due diligence requirements.

It discovered the breaches during an on-site supervisory examination on TML, which involved customers’ remittance transactions.

“The breaches were attributed to non-compliance with BNM’s regulatory requirements and TML’s standard operating procedures during the customer onboarding process, as well as inadequacies in branch-level oversight of daily operations,” it added.

TML paid the RM113,100 penalty on Sept 25, 2026.

-- BERNAMA