KUALA LUMPUR: Bank Negara Malaysia raided RSI International Bhd in Cheras on Oct 23,2019 for using the word “bank” in the office premises without its written approval.
According to the central bank on Tuesday, RSI International was suspected to have committed an offence under section 139(1)(a) of the Financial Services Act 2013 (FSA).
During the raid, relevant documents and computers were seized to assist in the investigation.
Under section 139(1) of the FSA, it is an offence for any person to use the word “bank” without written approval unless such person is licensed under this Act to carry on banking business or investment banking business.
If convicted, the person can be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding RM25mil or to both.
Bank Negara advised the public to be wary of unlicensed companies that use the word “bank” without prior written approval from the bank.
It urged the public to refer to licensed financial institutions listed on Bank Negara Malaysia’s website Bank Negara Malaysia
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