Bank Negara adds two more websites to alert list


The proposed policy, it said, set out the legal obligations, requirements and standards that digital currency exchangers, which will be defined under the First Schedule of the AMLA, must carry out as reporting institutions.

KUALA LUMPUR: Bank Negara Malaysia has updated its financial consumer alert list with the addition of Financial.org Malaysia and Time Travel & Explorer Sdn Bhd.

Bank Negara had on its website stated these two companies were neither authorised nor approved under the relevant laws and regulations administered by the central bank.

The latest list consists of 416 companies but it said the list was not exhaustive and only serves as a guide to members of the public based on information and queries received.

However, Financial.org Malaysia’s website could not be accessed.

Bank Negara said the list will be updated regularly for public's reference.  Click here for the list: http://www.bnm.gov.my/documents/2018/FCA_20180409_EN.pdf

According to a Reuters report in March 15, Financial.org, which describes itself as an education business, is not on a publicly available list of firms authorized and regulated by the UK Financial Conduct Authority (FCA) to buy and sell stocks or bonds for clients. Offering investment services without regulatory permission is a criminal offence in Britain. 

Britain’s financial watchdog was conducting inquiries into an unregulated company that sponsors a Formula One team and has attracted investors from countries across Asia, according to a source familiar with the situation, according to the wire  report. 

Reuters reported that separately UK-based Financial.org has told investors it will close their accounts and take 20% percent of their money if they do not raise their minimum investment to US$10,000 from US$3,000, according to a notice posted on its website and seven investors from China, Malaysia, Singapore, Taiwan, Thailand, the UAE and Vietnam. 

Reuters reported in January that Financial.org is managing hundreds of thousands of dollars for Asian investors even though it is not licensed to engage in financial transactions. Investors said their money had been invested in US stocks. 
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
   

Next In Business News

CPO futures to see volatile trading next week, eyes on MPOB data
Pfizer, BioNTech seek US emergency nod for COVID-19 vaccine in adolescents
Eyes on next generation as Singapore succession is thrown into question
Oil price falls, ends week about 2% lower on supply increase, new lockdowns
BlackRock, Mustier's blank-check firm eye Credit Suisse fund management arm
GLOBAL MARKETS-S&P 500, Dow scale new heights, Treasury yields rise on strong inflation data
Mah Sing: Extend HOC until year-end
Kerjaya Prospek wins RM154mil construction job
MCMC expects DNB to open 5G tender soon
Ramsay Sime Darby Health Care acquires Manipal Hospitals

Stories You'll Enjoy


Vouchers