Malaysia takes action against over 9,600 mule accounts

Prime Minister Anwar Ibrahim announced that over 9,600 mule accounts were subject to action as of December last year. This follows a 149 percent increase in detection rates since the introduction of the National Fraud Portal (NFP) in April 2024.

Anwar stated that Bank Negara Malaysia (BNM) is strengthening cooperation with the National Scam Response Centre (NSRC) through the NFP to accelerate the detection of stolen funds and mule accounts. He noted that improvements are being implemented to enhance detection and prevention capabilities to match evolving financial crime tactics.

Financial institutions found violating regulations may face prosecution, compounds, administrative financial penalties, or warning letters. BNM has also imposed regulatory requirements on banks, digital banks, and e-wallet operators to prevent the misuse of financial services for criminal activities. Institutions are required to identify suspicious transactions and report suspected mule accounts immediately.