Bank Negara raids 8 unlicensed money changing and remittance companies

14 Feb 2019 / 14:33 H.

KUALA LUMPUR: Bank Negara Malaysia (BNM) raided eight premises along Jalan Tuanku Abdul Rahman and Jalan Dato’ Keramat here on Tuesday, for carrying out money changing and remittance business activities without a licence.

The central bank said the raids were conducted jointly with the police and the Immigration Department under section 7(1) of Money Services Business Act 2011 (MSBA).

“Conducting money changing and remittance business activities without a licence granted under section 7(1) of Money Services Business Act 2011 (MSBA), is an offence under section 4(1) of MSBA,“ it said in a statement today.

It said relevant documents and computer peripherals were seized for the purpose of assisting in the investigations.

The entities are:

> Anver Cahaya Enterprise (002422813-D)

> Kawzar Enterprise (002222493-K)

> Mabruk Mohaideen Enterprise (PG0413789-U)

> Nisha Khan Enterprise (002616692-V)

> Rifai Maju Enterprise (002689961-X)

> B First Resources (002581856-X)

> Money Me @Hotel Kita (945197-U)

> Nur Ekspress Enterprise (002392685-H)

BNM said any person or company who commits an offence under section 4(1) of the MSBA shall, on conviction, be liable to a fine not exceeding RM5 million, or imprisonment for a term not exceeding 10 years, or to both.

Five illegal immigrants who were involved in manning the premises and customers of the illegal entities were detained by the Immigration Department for investigations under the Immigration Act 1959/63 (Act 155).

The raid is part of continuous enforcement actions undertaken by BNM to protect the public against potential financial losses when dealing with unlicensed entities.

The public are advised not to deal with or conduct any money changing or remittance transactions with illegal money services business operators and their agents.

BMM added that any person who conducts transactions with an illegal money services business operator does so at their own risk, and appropriate legal action can be taken against them by the relevant authorities.

The public are advised to refer to the list of licensed money services business operators on the central bank’s website.

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