KUALA LUMPUR: Bank Negara Malaysia (BNM) raided the premises of two companies here for suspected illegal remittance business activities and warned the public not to deal with the two firms.
BNM said on Tuesday it raided the premises of Jasa Kembar Sdn Bhd and Lancar Borneo Sdn Bhd on Nov 3 for suspected offence of carrying out remittance business activities without a licence under section 4(1) of the Money Services Business Act 2011 (MSBA).
“The companies are also being investigated for engaging in money laundering activities,” it said, which is an offence under section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
The central bank said the raids were conducted with the police and CyberSecurity Malaysia.
“The premises of the agents of these companies and the residences of the directors of both companies were also raided. Relevant assets and documents of the companies were seized and their bank accounts were frozen for the purpose of the investigation,” it said.
BNM advised the public not to deal or remit money through these two companies and their agents.
“Members of the public should not use the services of illegal operators since they will not be protected against any financial loss given the absence of a proper complaint and redress mechanism in the event of a dispute. Furthermore, there is no assurance that the remitted monies would reach the intended beneficiary,” it said.
BNM pointed out any person or company which commits an offence under section 4(1) of the MSBA shall, on conviction, be liable to a fine not exceeding RM5mil or to imprisonment for a term not exceeding 10 years or to both.
Any person or company who commits an offence under section 4(1) of AMLA shall on conviction be liable to imprisonment for a term not exceeding 15 years.
The offender would also be liable to a fine of not less than five times the sum or value of the proceeds of an unlawful activity or instrumentalities at the time the offence was committed or RM5mil, whichever is the higher.
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