BNM Fines Two MSB Licensees for Sanctions Screening Gaps

BNM Fines Merchantrade and JAGS Money Over Sanctions Screening Lapses - Fintech News Malaysia

Bank Negara Malaysia (BNM) has fined Merchantrade Asia and JAGS Money for failing to comply with sanctions screening requirements under the Money Services Business Act 2011 and related anti-money laundering policies. Merchantrade was penalised RM29,000 on 6 March 2025 for oversight in sanctions screening procedures and delays in updating its sanctions database following the publication of the Domestic List. Under subsection 74(3) of the Act and …

BNM Fines Two MSB Licensees for Sanctions Screening Gaps

Merchantrade Asia and JAGS Money failed to update their sanctions databases promptly. Both have since taken remedial measures. To continue reading... Sign in Password * Remember me Lost your password? Subscribe Subscribe to Regulation Asia to gain access to APAC’s leading platform for news, analysis, research and verified data on financial regulation. Select More Information below to v…