Between April 2022 and May 2023, Bank Negara Malaysia (BNM) imposed fines totaling USD 10.89 million on ten companies for violations of the Financial Services Act 2013 and the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act (AMLA) 2001.

On October 19, 2022, e-commerce firm i-Serve Online Mall Sdn Bhd and six affiliates received most of the fines for accepting deposits without a license and engaging in money laundering.

TNG Digital Sdn. Bhd violated section 48(1) of the FSA by onboarding two sanctioned individuals under the Anti-Money Laundering and Anti-Terrorism Financing Order 2014. They were fined USD 0.13 million for the penalty imposed on May 31, 2023.

MPI Generali Insurans Berhad violated the FSA by onboarding a sanctioned individual, resulting in a USD 0.06 million penalty imposed by the Bank on January 06, 2023.

Mandiri International Remittance Sdn Bhd was penalized USD 0.03 million on April 07, 2023, for allowing customers to conduct remittance transactions on behalf of third parties without verifying beneficial owners.

Here is the list of entities fined: 
1. i-Serve Online Mall Sdn. Bhd ($2.67 Mn)
2. i-Serve Technology and Vacations Sdn. Bhd ($2.67 Mn)
3. QA Smart Partnership PLT ($1.07 Mn)
4. QA Elite Partnership PLT ($1.07 Mn)
5. QA Premium Partnership PLT ($1.07 Mn)
6. MM2217 PLT ($1.07 Mn)
7. Valuewise PLT ($1.07 Mn)
8. Mandiri International Remittance Sdn Bhd ($0.03 Mn)
9. TNG Digital Sdn. Bhd ($0.13 Mn)
10. MPI Generali Insurans Berhad ($0.06 Mn)