BNM slaps Merchantrade Asia with RM29,000 penalty
Bank Negara Malaysia said Merchantrade has since strengthened its processes by subscribing to a commercial database service. (Facebook pic)
KUALA LUMPUR : Bank Negara Malaysia has imposed RM29,000 in administrative monetary penalties on Merchantrade Asia Sdn Bhd and RM6,000 on JAGS Money Sdn Bhd for breaching the Money Services Business Act 2011.
'The non-compliances are due to Merchantrade Asia's oversight of sanctions screening procedures, and gaps in updating its sanctions database upon the publication of the Domestic List,' BNM said in a statement.
Merchantrade Asia, as a reporting institution, is required to conduct sanctions screening on existing, potential or new customers against the Domestic List and United Nations Security Council Resolutions (UNSCR) List as part of due diligence processes.
It also has to ascertain that potential matches with the UNSCR List or Domestic List are true matches to avoid false positives.
'In response, Merchantrade has since strengthened its processes by subscribing to a commercial database service to ensure it receives updates on the sanctions list in a timely manner, and that staff and agents are provided with regular on-the-job training to improve compliance,' the central bank said.
On the other hand, JAGS Money's non-compliance resulted from failure to promptly update the sanctions database upon the publication of the Domestic List and failure to conduct sanctions screening on new customers against the list.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Express
a day ago
- Daily Express
Advice on various fraud schemes
Published on: Saturday, June 14, 2025 Published on: Sat, Jun 14, 2025 By: Clarence Dol Text Size: Modus operandi for online investment fraud include: attractive ads on social media, promises of high returns within a short period, requests for deposits to 'activate' accounts, small payouts to build credibility and disappearance after receiving substantial funds. - Pic for illustration only. RANAU: Police are urging the public to remain vigilant against a growing number of commercial crime cases that have caused substantial financial losses to victims nationwide. These scams, which fall under Section 420 of the Penal Code — punishable by up to 10 years' imprisonment, whipping, and a fine — involve deceitful tactics to unlawfully obtain money or property. Advertisement One of the most common frauds reported is Online Investment Fraud, where victims are lured into bogus investment schemes involving cryptocurrency, forex trading, or stock markets. The scammers typically promise quick, high returns. After initial investments and smaller payouts to build trust, the perpetrators disappear once larger sums are transferred. Modus operandi for online investment fraud include: attractive ads on social media, promises of high returns within a short period, requests for deposits to 'activate' accounts, small payouts to build credibility and disappearance after receiving substantial funds. Police advise the public to verify the legitimacy of investment platforms with the Securities Commission of Malaysia, avoid schemes promising unrealistic returns, and refrain from paying upfront fees. Another concerning trend is the 'Bomoh Scam', in which self-proclaimed shamans offer mystical solutions to personal or family problems. Victims are asked to pay for spiritual services or materials, but no real help is provided. Scammers typically target individuals facing emotional or financial distress, demand high fees for rituals or mystical objects and exploit victims' desperation with false promises. Authorities recommend seeking assistance from licensed counselors or certified religious advisers, and avoiding individuals who charge exorbitant fees for supernatural services. Non-existent loan scams are also on the rise. Victims encounter social media ads for easy personal loans with no collateral. After agreeing, they are told to pay a 'processing fee' — but the loan never materialises. Typical tactics include promises of quick loan approval, requests for upfront payment and use of fake documentation to appear legitimate. The public is urged to verify the lender's legitimacy with Bank Negara Malaysia and to avoid paying fees before receiving any disbursement. E-commerce fraud continues to affect online shoppers. Victims often attempt to purchase items such as smartphones from unofficial websites offering below-market prices. Once payment is made, the product never arrives, and the seller becomes uncontactable. Police advise the public to use trusted e-commerce platforms with buyer protection (e.g., Shopee, Lazada) and avoid transactions outside of official channels Phone scams remain another major concern. In these cases, scammers impersonate government or bank officials, claiming there has been suspicious activity involving the victim's credit card. Victims are then tricked into providing banking details, leading to loss of funds. Scam characteristics include calls from individuals posing as police, bank, or tax officers, claims of criminal involvement or financial irregularities and requests for personal banking details or TAC codes. Authorities urge the public to never share sensitive information over the phone and to directly contact the relevant agencies for verification. In another type of fraud, scammers pose as friends by sending WhatsApp messages from unknown numbers claiming to be an old friend in an emergency. Believing the story, victims often transfer money before realizing it was a scam. To avoid falling victim, individuals are encouraged to verify the identity of the sender using their original contact and not respond to emotional pleas without confirmation. Police have also reported cases involving account rentals, where individuals are offered payment to allow third parties to use their bank accounts. These accounts are often used in illegal activities such as money laundering or scams. The original account holder may be held liable during investigations. Warning signs include offers of money in exchange for account access, requests to receive or transfer funds for others and legal consequences for enabling financial crimes. The Royal Malaysia Police (PDRM) advises the public never to rent out their bank accounts and to report such offers immediately. Victims of any commercial fraud are encouraged to lodge a report at the nearest police station, contact Bank Negara Malaysia if financial transactions are involved, and check suspected accounts through the PDRM's Commercial Crime Investigation Department (CCID) portal. Authorities stress the importance of public awareness and due diligence in preventing further victimisation. All forms of commercial fraud are prosecutable under Section 420 of the Penal Code for cheating and dishonestly inducing delivery of property. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Malaysia Sun
2 days ago
- Malaysia Sun
Malaysian central bank rollouts qualified resident investor program
Xinhua 13 Jun 2025, 14:19 GMT+10 KUALA LUMPUR, June 12 (Xinhua) -- As part of efforts to encourage two-way flows in the onshore foreign exchange market, Malaysia's central bank announced Thursday the full rollout of the qualified resident investor (QRI) program for eligible corporates, effective July 1. Bank Negara Malaysia (BNM) said in a statement that this rollout builds on the success of the pilot program, which was introduced in April 2024. Since its inception, the QRI program has generated cumulative inflows from participants exceeding 1 billion U.S. dollars into the domestic financial market. Under the QRI program, eligible resident corporates only need to complete a one-off registration with BNM to benefit from the flexibility in managing future direct investments abroad that will not require prior approval from BNM. To enjoy the flexibility, corporates must first repatriate and convert eligible foreign currency funds into ringgit upon successful registration with BNM. Eligible corporates include all resident corporates that: repatriate and convert foreign currency proceeds from overseas investments; and demonstrate good corporate governance and compliance with the foreign exchange policy (FEP) of BNM. The QRI program will be available until June 30, 2028.
The Sun
2 days ago
- The Sun
DHL Supply Chain certified a Great Place to Work® across Asia Pacific
• All countries under DHL Supply Chain APAC are now certified • DHL Supply Chain Japan becomes the newest office to achieve certification SINGAPORE - Media OutReach Newswire - 13 June 2025 - DHL Supply Chain, the global leader in contract logistics, has been certified as a Great Place to Work® across Asia Pacific. DHL Supply Chain Japan is the latest country office to achieve this certification, bringing the total number of Certified DHL Supply Chain workplaces in the region to 12, including Australia, India, Indonesia, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. 'We are incredibly proud of this achievement because it reflects the kind of workplace culture we're continuously striving for, one where employees feel genuinely valued, heard, and inspired to do their best. With our team in Japan recently joining the list of certified workplaces, this milestone shows the collective effort across all our markets to build an exceptional working environment,' said Javier Bilbao, CEO, DHL Supply Chain Asia Pacific. 'The recognition belongs to each of our employees, whose daily efforts make DHL Supply Chain a great place to work in Asia Pacific. We succeed together because of the culture we've created together.' DHL Supply Chain has consistently focused on creating a supportive and inclusive workplace across Asia Pacific, where employees feel valued, respected, and safe, both physically and mentally. Initiatives such as the 'Belonging at Work' program, which teaches employees to embrace diversity, support one another, and foster inclusion and belonging, alongside the Career Marketplace and the Empower Hour series that help employees grow personally and professionally. These programs are designed to foster a work environment where employees can be authentic and reach their full potential. 'Our goal isn't just to maintain this status, but to constantly raise the bar by creating meaningful experiences and growth opportunities for our employees. This certification highlights the real impact of listening to our people, taking their feedback seriously, and building an environment where everyone thrives,' added Declan Byrne, Senior Vice President, Human Resources, DHL Supply Chain Asia Pacific. Great Place To Work® (GPTW) is the global authority on workplace culture. Its Great Place To Work For All™ Model helps companies evaluate the experience of every employee, with exemplary workplaces becoming certified or receiving recognition on a coveted Best Workplaces™ List. This year, employees of DHL Group in 128 countries, including 21,000 from DHL Supply Chain in Asia Pacific, participated in the survey. The external survey captures employees' workplace-related experiences and evaluates them based on the Trust Index across five dimensions: credibility, respect, fairness, pride, and camaraderie. Only those companies with the best results make it onto the World's Best Workplaces™ list. Starting in 2026, the logistics company will no longer be evaluated by individual business units globally but will be certified as DHL. As part of the company's commitment to becoming an Employer of Choice, DHL Group emphasizes creating a safe and positive work environment, competitive benefits, and fostering employee development and inclusion. Dr. Thomas Ogilvie, Chief Human Resources Officer of DHL Group, stated, 'We want to be a great company to work for all. Participating in the GPTW survey provides us with detailed insights about our strengths and our areas of improvements also by comparing our results with those of other leading companies. This recognition is important for employer branding and significantly contributes to our perception as an attractive employer.'
