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:
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
Created by edgeinvest | Aug 30, 2024
Created by edgeinvest | Aug 30, 2024
Created by edgeinvest | Aug 30, 2024
Created by edgeinvest | Aug 30, 2024
Created by edgeinvest | Aug 30, 2024
Created by edgeinvest | Aug 30, 2024
Created by edgeinvest | Aug 30, 2024
Created by edgeinvest | Aug 30, 2024
Created by edgeinvest | Aug 30, 2024