The Financial Services Act 2013
The main law under which Bank Negara regulates the banks in Malaysia.
Sources checked 2026-09-17 to 2026-09-29
What is the Financial Services Act 2013?
The Financial Services Act 2013, or FSA, is the Malaysian law under which Bank Negara Malaysia licenses and supervises banks and other financial institutions. It sets out how they must operate and how they are held to account.
The FSA is not where the mule-account offences are defined. Those are in the Penal Code. The FSA covers the banking side: the duties, standards and oversight that apply to the institutions holding your money.
How does the FSA relate to a frozen account?
A frozen account can feel like the bank acted against you. In a mule case, though, the FSA does not give the bank a power to freeze your account for a suspected offence. A bank can restrict an account under its own anti-money-laundering duties, but a freeze is more likely to follow police action. Under the 2024 amendments, the Criminal Procedure Code lets a police officer of Sergeant rank or above freeze an account without a court order. [f2]
So the FSA shapes how the bank operates, while the freeze itself may come from the investigation. Our page on understanding account freezes explains the difference.
What is Bank Negara’s role?
Bank Negara Malaysia sits at the centre of the FSA framework. It supervises financial institutions, and its BNMLINK line (1-300-88-5465) is an official complaints and enquiry channel. [f1]
This gives you somewhere to go beyond the branch counter if you have a dispute with a bank.
How do I complain, and how do I check for a mule flag?
Start any complaint with the bank’s own process, then escalate if you need to. The Financial Markets Ombudsman Service (FMOS) takes eligible disputes further. [f3]
You can also check whether you are flagged. The PDRM Semak Mule portal shows whether an account or phone number is marked, with more than 190,000 accounts flagged as of 2024/2025 reporting. [f4] If anything is unclear, get legal help early.
Sources
- Bank Negara Malaysia, BNMLINK
- CPC (Amendment) Act 2024, Section 116D, Parliament of Malaysia
- Financial Markets Ombudsman Service (FMOS)
- PDRM Semak Mule portal
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What does the Financial Services Act cover?
The Financial Services Act 2013 (FSA) is the law under which Bank Negara Malaysia licenses and supervises banks and other financial institutions. It sets standards for how they operate. It is not the law that creates the mule-account offences, which are in the Penal Code.
Does the FSA mean the bank can freeze my account?
Not by itself. The FSA does not give the bank a power to freeze your account for a suspected offence. A bank can restrict an account under its own anti-money-laundering duties, but a freeze in a mule case is more likely to follow police action. Under the 2024 amendments, the Criminal Procedure Code lets a police officer of Sergeant rank or above freeze an account without a court order. A lawyer can explain who acted on your account and why.
How do I raise a complaint about my bank?
Start with the bank's own complaint process. If that does not settle it, the Financial Markets Ombudsman Service (FMOS) takes eligible disputes further. Bank Negara's BNMLINK is also an official complaints and enquiry channel. Keep a written record of every contact.
Related pages
If your situation is a little different, these pages cover the closest topics.
Need a Lawyer for Your Frozen Account Case?
Request Lawyer ContactFor people seeking legal representation. For general information, use our guides and tools.
Independent information resource, not a law firm. We do not provide legal advice. Where appropriate and with your consent, we can connect you with an independent lawyer. Availability and acceptance of a case are not guaranteed. How referral works