CEO Morning Brief

BNM: Eight Premises in Sarawak Raided for Suspected Illegal Money Services

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Publish date: Thu, 30 Nov 2023, 08:47 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Nov 29): Eight premises in Sarawak were raided by Bank Negara Malaysia (BNM) in collaboration with the Royal Malaysian Police (RMP) on suspicion of offering illegal money services without a valid license from BNM, as well as potentially engaging in money laundering activities.

The raids, which took place on Tuesday, targeted entities allegedly providing money changing and remittance services without having obtained the necessary approval from BNM, as required by the Money Services Business Act 2011 (MSBA).

According to BNM, the entities that were raided include:

  • 999 Mobile Enterprise & H7 Telco and Golden One Enterprise, both located in Sibu.
  • Junlong Mobile Services & Happy Phone Services/ Selangau Mobile Phone Centre, both located in Selangau.
  • Shin Hin Electronic Service/Kedai Emas Shin Hin and Hin Trading Company, both located in Batu Niah.
  • MK-MKH Telecommunication Sdn Bhd, located in Mukah.
  • Fook Ann Mobile, located in Bekenu.

BNM said the entities are being investigated under Subsection 4(1) of the MSBA, which prohibits anyone from carrying on money services business without a licence. Anyone found doing so is liable to be fined up to RM5 million or jailed up to 10 years, or both.

Source: TheEdge - 30 Nov 2023

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