BNM raids eight money changing and remittance business premises

KUALA LUMPUR: Bank Negara Mal aysi a ( BNM) recently raided eight money changing and remittance business premises operating without a license granted under section 7(1) of Money Services Business Act 2011 ( MSBA), which is an offence under section 4(1) of MSBA.

The entities involved were Anver Cahaya Enterprise, Kawzar Enterprise, Mabruk Mohaideen Enterprise, Nisha Khan Enter pr i se, R i fai Maju Enterprise, B First Resources, Money Me@ Hotel Ki ta and Nur Ekspres s Enterprise.

The central bank said the raids were conducted at premises located along Jalan Tuanku Abdul Rahman and Jalan Datuk Keramat, Kuala Lumpur, with seizure made on the relevant documents and computer peripherals to assist in the investigations.

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

“The raiding exercise was conducted in col laboration with the Royal Malaysia Police and the Immigration Department.

“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),” said BNM in a statement yesterday.

The central bank said the raiding exercise was part of the continuous enforcement actions undertaken by the BNM to protect the public against potential f inancial losses when dealing with unlicensed entities.

“As such, members of the publ ic are advised not to deal or conduct any money chang ing or remit t a nce transactions with illegal money services business operators and their agents,” it added. — Bernama