Track all Securities Commission Malaysia (SC) fines and enforcement actions. 88 penalties from 2022-2026. Complete database with stats, trends, and analysis.
Coverage Snapshot
- Regulator: Securities Commission Malaysia
- Jurisdiction: Malaysia
- Tracked period: 2022-2026
- Tracked actions: 88
- Default currency: EUR
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Largest enforcement actions
| Firm or individual | Date | Amount | Breach category | Source |
|---|---|---|---|---|
| Koh Chin Yoke (“Koh”) | 29 May 2024 | £465,662 | Breach 1 Section 92A(2)(a) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Section 354(1)(a) of the CMSA Breach 2 Paragraph 11.1(a) of the Directives on Conduct of Business (Directive No. 5-001) (“Bursa Directives”), read together with Section 354(1)(b)(i) of the CMSA Breach 3 Rule 11.02(3A) of the Rules of Bursa Malaysia Securities Berhad (“Bursa Rules”), read together with Section 354(1)(b)(i) of the CMSA Breach 4 Rule 3.14(k) of the Bursa Rules read together with Section 354(1)(b)(i) of the CMSA Breach 5 Paragraph 11.3(2) of the Bursa Directives read together with Section 354(1)(b)(i) of the CMSA Breach 6 Rule 3.47(1)(g) of the Bursa Rules read together with Section 354(1)(b)(i) of the CMSA. Breach 1 Koh issued a total of 26 falsified documents to his clients to gain their confidence, therefore inducing them to increase their investment with him. Breach 2 Koh entered into profit-sharing arrangements with his clients. Breach 3 Koh entered into a commission-sharing arrangement with a person other than the participating organization. Breach 4 Koh carried out discretionary trading on his clients’ accounts despite the participating organisation’s prohibition on its dealer’s representatives from carrying out any discretionary trading. Breach 5 Koh had carried out trading n a client’s account based on third-party instructions without any written authorisation from the client. Breach 6 Koh had incorporated a company in which he was the sole director and held 100% shareholding during the relevant period and hence, held interest in a business. Koh held interest in another business without obtaining the participating organization’s approval.. Reprimand for each of the six (6) breaches. Penalty in the total sum of RM2,587,010 for Breaches 1, 2, 4 and 5. | Notice |
| Harani Kamarudin (“Harani”) | 24 May 2022 | £360,000 | Two (2) breaches of Section 354(1)(b)(iii) of the CMSA read together with: Paragraph 3.3.7(a) of the Federation of Investment Managers Malaysia’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds) as at 22 January 2013 (“Code”); and Paragraph 3.1.12(d) of the Code.. As a previous Unit Trust Consultant, Harani had:- Entered into written understanding or arrangement with an investor for investments decisions to be made on his behalf; and Failed to explain the nature and characteristics of the unit trust fund marketed and gave direct guarantee that a specific result will be achieved. Harani’s breaches contain elements of fraud and dishonesty causing the investor to suffer losses of an amount up to RM1.32million.. Reprimand for each breach; Penalty of RM2,000,000.00 | Notice |
| Public Mutual Berhad (“PMB”) | 9 Apr 2025 | £234,000 | Paragraph 7.3.3 of the Guidelines on Prevention of Money Laundering and Terrorism Financing for Capital Market Intermediaries as at 26 April 2021 (“2021 AML Guidelines”), Paragraph 2.4.5(b) of Federation of Investment Managers Malaysia's Code of Ethics and Rules of Professional Conduct as at 22 January 2013 ("2013 FIMM Code"), and Paragraph 3.16(a) of Federation of Investment Managers Malaysia's Code of Ethics and Rules of Professional Conduct as at 13 January 2020 ("2020 FIMM Code")(“1st Breach”); Paragraph 8.2.1(a), 11.3 of Guidelines on Prevention of Money Laundering and Terrorism Financing for Capital Market Intermediaries as at 7 December 2016 ("2016 AML Guidelines"), Paragraph 8.8.1(a) and 11.3 of the 2021 AML Guidelines (“2nd Breach”); Paragraph 8.8.5 and 11.6 of the 2021 AML Guidelines (“3rd Breach”); and Paragraph 8.3.1(c) of the 2021 AML Guidelines (“4th Breach”), read together with Section 354(1)(b)(ii) and Section 354(1)(b)(iii) of the CMSA.. 1st Breach Failure to have in place adequate policies and procedure in its supervision and monitoring of UTCs which resulted in misappropriation of potential investors’ monies intended for investments to PMB. 2nd Breach Failure to conduct on-going due diligence and scrutiny of PMB’s customers throughout the course of the business relationship and to monitor the customers’ account on a regular basis to ensure that transactions conducted are consistent with amongst others PMB’s knowledge of the customers and their risk profile. 3rd Breach Failure to clarify the economic background and source of funds of PMB’s customers as well as failure to report suspicious transactions. 4th Breach Failure to undertake proper assessment of customers’ background and financial information of customers’ categorised as ‘high risk’.. Reprimand for each of the four (4) breaches Penalty of RM1,300,000 Directive to carry out the following: Restitution to the affected clients who had suffered losses arising from the misconduct of Abdul Rahman who had not been compensated for their losses totalling RM265,100 within one (1) month from the date of action PMB shall report to the SC on the implementation of the restitution exercise set out in paragraph above within one (1) month from the date of action. | Notice |
| Andrew Tiang Boon Hwa (“Andrew”) | 21 Jul 2023 | £228,195 | Breach 1 Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (“SICDA”) read together with Section 354(1)(a) of the CMSA Breach 2 Section 29A of SICDA read together with Section 354(1)(a) of the CMSA. Breach 1 For causing Andrew’s allotted N2N Connect Berhad (“N2N”) ESOS Shares to be deposited and maintained in Chin Hoi Tong’s ESOS Securities Account. Breach 2 Dealings in respect of Andrew’s allotted N2N ESOS Shares were effected by Andrew in Chin Hoi Tong’s ESOS Securities Account.. Reprimand for each breach; and Total penalty of RM1,267,751.00 | Notice |
| Webull Securities (Malaysia) Sdn Bhd (“Webull”) | 18 May 2026 | £171,000 | Breaches of Section 113(1) of the Capital Markets and Services Act 2007 (“CMSA”) and Paragraph 11.02(a) of the Guidelines on Conduct for Capital Market Intermediaries read together with Section 356(1)(a) of the CMSA.. Failure to ensure compliance with the requirements governing withdrawals from Webull’s clients’ trust account; and Failure to maintain appropriate and effective controls for identifying and accounting for clients’ assets.. Reprimand for each of the two (2) breaches; and Total Penalty of RM950,000.00 for the two (2) breaches. | Notice |
| Tan Suan Meng (“Tan”) | 13 Dec 2024 | £160,172 | Breach 1 Section 25(4) of the Securities Industry (Central Depositories) Act 1991 (“SICDA”) read together with Section 354(1)(a) of the CMSA Breach 2 Section 29A of SICDA read together with Section 354(1)(a) of the CMSA. Breach 1 For causing Tan’s Tecnic Group Berhad shares to be deposited and maintained in Agnes Tan and Stanley Tan’s Central Depository Account Breach 2 Dealings in respect of Tan’s Tecnic Group Berhad shares were effected by Tan in Agnes Tan and Stanley Tan’s Central Depository Account. Reprimand for each breach Total penalty of RM889,846.55 | Notice |
| Kenanga Investors Berhad (“KIB”) | 30 May 2024 | £129,600 | Breach of the following: Paragraphs 3.16(a) and 4.3(c) of the Federation of Investment Managers Malaysia's Code of Ethics and Rules of Professional Conduct (Unit Trust Funds) as at 13 January 2020 read together with Section 354(b)(iii) of the Capital Markets and Services Act 2007 (“CMSA”) ("1st Breach"); and Paragraphs 8.2.1 and 8.2.3of the Guidelines on Prevention of Money Laundering and Terrorism Financing for Capital Market Intermediaries as at 7 December 2016 (“1st AML Guidelines”) or Paragraphs 8.8.1and 8.8.4 of the Guidelines on Prevention of Money Laundering and Terrorism Financing for Capital Market Intermediaries as at 26 April 2021 (“2nd AML Guidelines”), read together with Paragraph 11.3 of the 1st or 2nd AML Guidelines and Paragraph 11.8 of the 2nd AML Guidelines, read together with Section 3S4(b)(ii) of the CMSA ("2nd Breach”). 1st Breach: Failure to have in place adequate systems, policies and procedures to accurately identify, verify and document transactions of investors which resulted in misappropriation of potential investors’ monies intended for investments to KIB. 2nd Breach: Failure to conduct on-going due diligence and scrutiny of KIB's customers throughout the course of the business relationship and to monitor the customers' accounts on a regular basis to ensure that transactions conducted are consistent with, amongst others, KIB's knowledge of the customers and their risk profile, as well as monitoring of suspicious transactions; and Failure to clarify the economic background and purpose of any transaction or business relationship as well as failure to report suspicious transactions.. Reprimand for each of the two (2) breaches; Directive to carry out the following: KIB shall allocate and utilise not less than RM720,000 within three (3) years from the date of the action towards: continuous enhancement of KIB's monitoring systems and internal control measures with respect to its unit trust activities; and ensuring effective implementation of its controls and processes including upskilling of staff through training or capacity building to ensure operational effectiveness of KIB's controls and processes as well as AML/CFT requirements and that staff are kept abreast of developments on AML/CFT requirements, issues and trends. KIB shall report to the SC on the implementation of paragraph 2(a) above every six (6) months from the date of the action until the end of the three (3) year period; KIB shall appoint an independent consultant to review and enhance KIB's internal controls in relation to its unit trust activities which shall be completed within six (6) months from the date of the action which would include the following: To review that sufficient controls are in place to accurately identify, verify and document all investments transactions and to ensure that all lapses in controls are effectively rectified; and To review the effectiveness of KIB's current and planned initiatives particularly in relation to system enhancements, ongoing monitoring of clients' transactions and monitoring of marketing and distribution activities (including the competency of Unit Trust Consultants involved). KIB shall report to the SC on the implementation of paragraph 2(c) above within six (6) months from the date of action; and KIB shall table these sanctions to KIB’s Board of Directors and forward the Board minutes to the SC within one (1) month from the date of action. Directive to carry out the following: Restitution to the affected clients who had suffered losses arising from the misconduct of Alan and Amran respectively, as may be applicable and in particular, the remaining three (3) complainants of Alan (as four (4) complainants had been compensated by KIB), who had not been compensated for their losses totalling RM320,000.00 within one (1) month from the date of action; and KIB shall report to the SC on the implementation of the restitution exercise set out in paragraph 3(a) above within one (1) month from the date of action. | Notice |
| Dato’ Lim Khong Soon @ Lim Hock Seng (“LKS”) | 11 Apr 2025 | £126,000 | Breach of Section 354(1)(a) of Capital Market and Services Act 2007 (“CMSA”), read together with Section 212(5) of CMSA and Section 367 of CMSA. In view of LKS’ position as Executive Chairman, president, Chief Executive Officer and director of QMEI at the material time of QMEI’s breach, pursuant to Section 367 of CMSA, LKS have breached Section 354 CMSA for QMEI’s failure to seek recognition of the SC, in relation to the making available, offer for subscription or purchase, or issue an invitation to subscribe for or purchase of QMEI’s shares issued pursuant to QMEI’s Private Placement Memorandum dated 29 November 2023.. Reprimand; Penalty of RM700,000; and Directive to remedy the breach by making restitution to all subscribers of QMEI’s shares. | Notice |
| Amran Bin Mohd Amin | 26 Jun 2024 | £123,750 | Paragraph 4.1(a) of the Federation of Investment Managers Malaysia’s Code of Ethics, Third Edition as at 13 January 2020 read together with Section 354(1)(b)(iii) of the CMSA (“1st Breach”); Section 92A(2)(a) of the Capital Markets & Services Act 2007 (“CMSA”) read together with Section 354(1)(a) of the CMSA (“2nd Breach”); and Paragraph 5.02(b) of the Guidelines on Conduct for Capital Market Intermediaries read together with Section 354(1)(b)(ii) of the CMSA (“3rd Breach”). 1st Breach Misappropriated the sum of RM215,000 from four (4) investors. 2nd Breach Provided statements of accounts to two (2) individuals which contained false information. 3rd Breach Engaged in deceptive and misleading acts by procuring and receiving monies from investors based on his deception when in actual fact no such investments/purchases of such unit trusts were made for the investors and thereafter prepared false statement of accounts which were then provided to the investors so as to cover up his actions.. Reprimand for each of the three (3) breaches; and A total penalty of RM687,500.00 for the breaches. | Notice |
| Kenanga Islamic Investors Berhad (“KIIB”) | 18 Jul 2025 | £121,500 | Breach of the following provisions: Paragraphs 9.06 and 9.02(b) of the Guidelines on Compliance Function for Fund Management Companies (“Compliance Guidelines”); Paragraph 3.02, Core Principles 2 and 3 of the Compliance Guidelines; and Paragraphs 7.0.1, 7.0.3 and 7.04(a) of the Compliance Guidelines, read together with Section 356(1)(a) of the Capital Markets and Services Act 2007.. Failure to ensure that the investments were carried out in accordance with a mandate and failed to provide complete and accurate information of its investments; Failure to conduct its business with due care, skill and diligence and act in the client’s best interest; and Failure to provide statements relating to the performance of its client’s investments as well as imposed fees and charges.. Reprimand for each of the three (3) breaches; Total penalty of RM675,000 for the three (3) breaches; Directive for KIIB ensure that no charges or fees is imposed on or charged to its client arising from the unauthorised investments; and Directive for KIIB to comply with the requirements of disclosure to its client, and in particular to remedy the disclosure breaches in that KIIB must provide a comprehensive, up-to-date disclosure setting out the current status of the investment, fees and reporting, including a clear explanation of the sales charge, to ensure its client fully understands the impact and details of the transactions since the date of the investment management agreement. | Notice |
| Tokenize Technology (M) Sdn Bhd | 15 Aug 2024 | £99,000 | Breach of: Paragraph 7 of the Guidelines on Prevention of Money Laundering and Terrorism Financing for Reporting Institutions in the Capital Market as revised on 26 April 2021 (“AML/CFT Guidelines"); Paragraph 8.8.1 of the AML/ CFT Guidelines; Paragraph 8.8.5(a) of the AML/ CFT Guidelines; and Paragraph 8.8.2 of the AML/CFT Guidelines, read together with Section 354 (1)(b)(ii) of the Capital Market and Services Act 2007 (“CMSA”).. Failure to adopt and demonstrate application of Risk-Based Approach (“Breach 1”); Failure to conduct on-going due diligence and scrutiny on the business relationship with its customers throughout the course of the business relationship (“Breach 2”); Failure to reclassify customer as higher risk and consider lodging suspicious transaction report (“Breach 3”); and Failure to ensure that the frequency in implementing paragraph 8.8.1(a) of the AML/ CFT Guidelines under on-going due diligence or enhanced due-diligence must commensurate with the level of the ML/ TF risks posed by the customer (“Breach 4”).. Reprimand for each of the four (4) breaches; and Penalty in the total sum of RM550,000 for breaches 1, 2, 3 and 4. | Notice |
| Pheim Unit Trusts Berhad | 8 Jan 2026 | £90,000 | Breach of: Paragraph 7.21 of the Guidelines on Technology Risk Management (effective 19 August 2024) (“GTRM”); Paragraph 6.02 of the GTRM; and Paragraph 9.16 of the GTRM, read together with Section 356(1)(a) of the CMSA.. Failure to, as part of its technology risk management, implement effective measures to prevent losses from data breach or other acts of internal or external threats, negligence and cyber-attack (“Breach 1”); Failure to establish and implement comprehensive and effective policies and procedures to support the Technology Risk Management Framework (“Breach 2”); and Failure to establish clearly defined communication plan including escalation and decision-making processes to ensure that any adverse effect of a cyber incident is properly managed and recovery action can be initiated quickly (“Breach 3”).. Reprimand for each of the three (3) breaches; and Total Penalty of RM500,000.00 for the three (3) breaches. | Notice |
| Pheim Unit Trusts Berhad | 8 Jan 2026 | £90,000 | Breach of: (a) Paragraph 7.21 of the Guidelines on Technology Risk Management (effective 19 August 2024) (“GTRM”); (b) Paragraph 6.02 of the GTRM; and (c) Paragraph 9.16 of the GTRM, read together with Section 356(1)(a) of the CMSA.. Failure to, as part of its technology risk management, implement effective measures to prevent losses from data breach or other acts of internal or external threats, negligence and cyber-attack (“Breach 1”); Failure to establish and implement comprehensive and effective policies and procedures to support the Technology Risk Management Framework (“Breach 2”); and Failure to establish clearly defined communication plan including escalation and decision-making processes to ensure that any adverse effect of a cyber incident is properly managed and recovery action can be initiated quickly (“Breach 3”).. Reprimand for each of the three (3) breaches; and Total Penalty of RM500,000.00 for the three (3) breaches. | Notice |
| LT International Futures (M) Sdn Bhd (Capital Markets Services Licence holder for the regulated activity of dealing in derivatives) | 22 Sep 2022 | £90,000 | Breach the condition of Capital Markets Services Licence (“CMSL”) as required under Paragraphs 7.02(2) and 4.04(2) of the SC’s Licensing Handbook which warrant a revocation of licence under Section 72(2)(a) (iii) of the CMSA. Contravened the condition of its Capital Markets Services Licence for failure to meet the minimum financial threshold for its Adjusted Net Capital (“ANC”) being the higher of RM500,000 or 10% of the aggregated margins required.. Revocation of licence | Notice |
| Nabihah Binti Shafiee (“Nabihah”) | 3 Mar 2022 | £85,050 | Three (3) breaches of Section 354(1) of the CMSA read together with:- Paragraph 3.3.5 of the Federation of Investment Managers Malaysia’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds) as at 22 January 2013 (“Code”); Section 92A(2)(a) of the CMSA and Paragraph 3.1.3(a) of the Code; and Section 58(1) of the CMSA... As a Unit Trust Consultant of Affin Hwang Asset Management Berhad, Nabihah had:- accepted cash and had monies credited into her personal bank accounts from investors for purposes of investment in unit trusts; provided statements to individuals which she knew contained false or misleading information; and carried on a business in the regulated activity of dealing in private retirement schemes when she was not a registered person.. Reprimand for each breach; Requirement to make restitution to investors, amounting to RM52,618.00; and Penalty of RM472,500.00. | Notice |
| Nik Zamri Bin Abdul Majid (CEO of MPDT Capital Berhad) | 10 Jun 2024 | £79,020 | Breach of Section 212(5) of the CMSA; Breach of Section 92A(2)(b) of the CMSA; and Breach of Section 367(1) of the CMSA, read together with Section 354(1)(a) of the CMSA.. Failure to seek SC’s authorisation prior to offer for purchase of bonds and failure to register with the SC a disclosure document for the offer of the bonds Made false statement in the offer letters to the investor As the Chief Executive Officer (CEO) of MPDT Capital Berhad at the material time, he is deemed to have committed the breaches under Section 212(5) and Section 92A(2)(b) of the CMSA.. Reprimand; and Penalty of RM439,000 | Notice |
| UOB Kay Hian Securities (M) Sdn Bhd (“UOBKH”) | 25 Nov 2024 | £72,900 | Breaches of the following: Sections 212(5)(a) and 212(5)(b) of the Capital Markets and Services Act 2007 (“CMSA”); Section 92A(2)(b) of the CMSA; and Paragraph 1.06 of the Guidelines on Sales Practices of Unlisted Capital Market Products, read together with Section 356(1)(a) of the CMSA.. Failure to seek the SC’s authorization prior to selling structured products to four high net-worth individuals and failure to register with the SC a disclosure document for the issuance of the structured products to the said individuals; Failure to provide a product highlight sheet to high net-worth individuals; and Making a misleading statement in UOBKH’s disclosure document (i.e. the structured products purchase intent forms).. Reprimand for each breach; and Total penalty of RM405,000 for the three (3) breaches. | Notice |
| Logeswaran a/l Balasubramaniam | 17 Apr 2023 | £54,608 | Breach of Section 58(1) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Section 354(1)(a) of the CMSA. Carrying on a business in a regulated activity of providing investment advice to others concerning securities without holding a Capital Markets Services Licence. Reprimand; and Penalty of RM303,376.00 | Notice |
| Kenanga Investors Berhad (“KIB”) | 18 Jul 2025 | £54,000 | Breach of the following provisions: Paragraphs 9.06 and 9.02(b) of the Guidelines on Compliance Function for Fund Management Companies (“Compliance Guidelines”); and Paragraphs 7.0.1, 7.0.3 and 7.04(a) of the Compliance Guidelines, read together with Section 356(1)(a) of the Capital Markets and Services Act 2007.. Failure to ensure that the investments were carried out in accordance with a mandate and failed to provide complete and accurate information of its investments; and Failure to provide statements relating to the performance of its client’s investments as well as imposed fees and charges.. Reprimand for each of the two (2) breaches; Total penalty of RM300,000 for the two (2) breaches; and Directive for KIB to comply with the requirements of disclosure to its client, and in particular to remedy the disclosure breaches in that KIB must provide a comprehensive, up-to-date disclosure setting out the current status of the investment, fees and reporting, including a clear explanation of the sales charge, to ensure its client fully understands the impact and details of the transactions since the date of the investment management agreements. | Notice |
| United Overseas Bank (Malaysia) Berhad | 15 Dec 2023 | £41,400 | Ten (10) breaches of Paragraph 1.12 of Section A of the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (“LOLA Guidelines”) and Paragraph 9.04(f) of the Guidelines on Conduct for Capital Market Intermediaries (“Conduct Guidelines”); and Four (4) breaches of Paragraph 9.04(e) of the Conduct Guidelines, read together with Section 354(1)(b)(ii) of the Capital Markets and Services Act 2007. Submission of ten (10) monthly post-issuance reports to the SC in relation to structured products which contains information which are not true, incomplete and inaccurate; and Failure to promptly report to the SC upon discovering the breaches of Paragraph 1.12 of Section A of the LOLA Guidelines and Paragraph 9.04(f) of the Conduct Guidelines.. Reprimand for each of the fourteen (14) breaches; and Total penalty of RM230,000. | Notice |
Amounts are normalised to GBP for comparison.