KUALA LUMPUR: More than 9,600 mule accounts have been subjected to appropriate action by financial institutions since the National Fraud Portal (NFP) was introduced in April 2024, as Malaysia steps up efforts to combat online scams and financial crime.

In a parliamentary reply to Stampin MP Tuan Chong Chieng Jen, the Finance Ministry said the number of mule accounts identified by financial institutions had increased by 149% since the portal’s introduction, with figures recorded up to December 2025.

The NFP supports efforts to trace stolen funds, identify accounts suspected of being used by scammers and facilitate information-sharing between financial institutions and enforcement agencies.

Bank Negara Malaysia (BNM) is working with the National Scam Response Centre (NSRC) to strengthen these efforts and improve the speed and effectiveness of responses to online fraud.

The ministry said BNM takes the misuse of bank accounts and e-wallets to facilitate online scams and other financial crimes seriously.

Financial institutions, including conventional banks, digital banks and electronic money issuers, are required to implement customer due diligence, transaction monitoring, fraud detection and cybersecurity measures to prevent their services from being exploited for criminal activities.

They must also comply with standard operating procedures for reporting and handling mule accounts, including identifying suspicious transactions, reporting suspected accounts and taking prompt action to prevent the transfer of funds.

Institutions that fail to comply with regulatory requirements may face enforcement action by BNM, including prosecution, compounds, administrative monetary penalties or warning letters, depending on the severity of the breach.

The ministry said efforts to strengthen fraud detection and prevention would continue as financial crime syndicates evolve their methods.

Consumers have also been advised to check BNM’s Financial Consumer Alert List, the Securities Commission Malaysia’s Investor Alert List and the Royal Malaysia Police’s Semak Mule portal before making money transfers or investments.

The ministry was responding to Chong’s question on action against banks and e-wallet companies that allow mule accounts to be opened and used to facilitate online crimes and scams.

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