Bank Negara fines AmBank, a remittance firm and a money changer for AML lapses

1 November 2026 · News · Finance, tax & corporate

Bank Negara Malaysia announced on 28 October that it had fined AmBank and AmBank Islamic RM276,000 each for late cash threshold reports, TML Remittance Center RM113,100 for customer due diligence failures, and money changer Smile Honesty Forex RM8,400. For companies that use remittance and FX providers, the cases show the central bank is enforcing AML rules at every size of firm, so expect more identity and documentation checks when you pay suppliers abroad.

The three penalties

Bank Negara Malaysia (BNM) published three enforcement releases on 28 October 2026, all concerning anti-money laundering and counter-financing of terrorism (AML/CFT) requirements. In each case the administrative monetary penalty was imposed in September and has already been paid.

AmBank (M) Berhad and AmBank Islamic Berhad: RM276,000 each, imposed on 10 September and paid on 22 September, for failing to submit cash threshold reports promptly for multiple transactions. Such reports are due within five working days of a transaction.
TML Remittance Center Sdn Bhd: RM113,100, imposed on 24 September, for failing to carry out customer due diligence on remittance customers.
Smile Honesty Forex Sdn Bhd: RM8,400, imposed on 24 September, for failing to carry out customer due diligence on one currency exchange customer.

What BNM said caused the lapses

For AmBank, BNM traced the missed reports to technology changes that were not overseen properly. The bank group found the problem in its own review and reported it, which BNM counted in its favour, and it has since filed the missing reports and tightened its procedures and controls.

For TML, BNM pointed to staff not following onboarding requirements and the company's own procedures, and to weak oversight of branches. For Smile Honesty Forex, a supervisory examination found a single lapse that BNM put down to staff oversight. BNM said it will not hesitate to act against institutions that fail to meet legal or regulatory requirements.

What it means for business customers

Companies that send money overseas, pay foreign suppliers or exchange currency should expect their banks, remittance firms and money changers to keep asking for identity documents, the purpose of payments and beneficiary details. These checks are what the regulator is testing.

When comparing forex and payments providers, it is reasonable to ask how they handle onboarding documents for corporate customers and how long verification normally takes, so the checks do not hold up urgent payments. A provider's licence status can be checked on BNM's own list of licensed and registered entities.

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Sources

Imposition of administrative monetary penalties on AmBank (M) Berhad and AmBank Islamic Berhad for AML/CFT breaches — Bank Negara Malaysia
Imposition of administrative monetary penalty on TML Remittance Center Sdn. Bhd. for AML/CFT breaches — Bank Negara Malaysia
Imposition of administrative monetary penalty on Smile Honesty Forex Sdn. Bhd. for AML/CFT breach — Bank Negara Malaysia

Editorial summary written by Best Malaysia Services. Not legal, tax or financial advice; check the original sources.