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.