Bank Negara raids eight illegal money services business firms in KL

Police had received a report that the man had absconded with the cash he was supposed to have couriered to the money changer's office. - Photo: Singapore Police Force

KUALA LUMPUR: Bank Negara Malaysia raided eight premises along Jalan Tuanku Abdul Rahman and Jalan Dato’ Keramat here on Tuesday for carrying out money changing and remittance business activities without a licence.

The central bank said on Thursday the raids were conducted with the police and the Immigration Department under section 7(1) of Money Services Business Act 2011 (MSBA).

“It is an offence under section 4(1) of MSBA for operating the business activities without a licence and the offender faces a fine not exceeding RM5mil or jai not exceeding 10 years, or both,” it said.

Bank Negara said five illegal immigrants who were involved in manning the premises and customers of the illegal entities were detained for investigations under the Immigration Act 1959/63 (Act 155). 

The companies raided were Anver Cahaya Enterprise (002422813-D); Kawzar Enterprise (002222493-K);  Mabruk Mohaideen Enterprise (PG0413789-U);  Nisha Khan Enterprise (002616692-V); Rifai Maju Enterprise (002689961-X); First Resources 

(002581856-X); Money Me@Hotel Kita (945197-U) and Nur Ekspress Enterprise (002392685-H) 

“The raiding exercise is part of the continuous enforcement actions undertaken by Bank Negara to protect members of the public against potential financial losses when dealing with unlicensed entities. 

“As such, members of the public are advised not to deal or conduct any money changing or remittance transactions with illegal money services business operators and their agents,” Bank Negara said.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Did you find this article insightful?


Next In Business News

Malaysia initiates legal action against EU over anti-palm oil campaign
Kanger inks construction deals
Medical glove exports face more delays amid shipping container shortage
Batu Kawan raises stake in CCM to 92%, to proceed with delisting plan�
SKP suspends Johor Baru operations due to Covid-19�
KNM plans new RM54.9mil private placement exercise �
Notion VTec says 87 Covid-19 cases found
Samaiden bags RM25.8mil biomass power plant project�
South Korea, Thailand lead Asia losses as US aid delivery in question
PBOC: China will support economic recovery

Stories You'll Enjoy