KUALA LUMPUR (Feb 14): Bank Negara Malaysia (BNM) recently raided eight premises conducting money changing and remittance business activities without a licence granted under section 7(1) of Money Services Business Act 2011 (MSBA), which is an offence under section 4(1) of MSBA.
In a statement on its website today, the central bank said it had, in collaboration with the Royal Malaysia Police and the Immigration Department of Malaysia (JIM), raided eight premises located along Jalan Tuanku Abdul Rahman and Jalan Dato' Keramat, Kuala Lumpur. It said relevant documents and computer peripherals were seized for the purpose of assisting 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 JIM for investigations under the Immigration Act 1959/63 (Act 155).
The raid is part of the continuous enforcement actions undertaken by BNM to protect the public against potential financial losses when dealing with unlicensed entities. As such, the public are advised not to deal 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 his own risk, and appropriate legal action can be taken against him 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.