Take measures to stop money games, says Bank Negara

  • Nation
  • Saturday, 29 Apr 2017

LABUAN: Financial institutions in Malaysia have to take preemptive measures and be the first level of defence against the notorious money game in the country, says Bank Negara Malaysia Governor Datuk Seri Muhammad Ibrahim.

He said banks in the country should enhance their know-your-customers principle as a move to tackle the issue.

“If a particular account shows suspicious transaction, they should close the account as the first level of defence. The banks also can inform the central bank and we will carry out investigations via our financial intelligence and enforcement department,” he said.

Muhammad was speaking at a press conference after presenting the Labuan Financial Services Authority (Labuan FSA) Annual Report 2016 here yesterday.

However, he urged the public not to rely too much on the authorities to curb the issue. Instead, they should be aware that any financial schemes that promised annual returns of higher than five to six per cent would be “too good to be true”.

Meanwhile, Muhammad also agreed that legal action should be taken against Penang-based money game firm, JJPTR, if there was sufficient evidence that proved it had breached the law.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Did you find this article insightful?


Next In Nation

Perhilitan captures five female elephants roaming around Kampung Kuala Tiga
Celebrate Thaipusam at home this year, advises Selangor Sultan
Covid-19: 17 new clusters detected on Wednesday (Jan 27), says Health DG
New documentary set to air on Friday (Jan 29) about 'Assassins' of Kim Jong-nam
Cops arrest man over armed robbery at Bandar Putra Kulai
MCA fully supports the government's Covid vaccination drive
Covid-19: Rumah Sebastian Ngalang Juntan the 58th longhouse placed under movement res
KK City's 21st anniversary to be celebrated online this year
Malaysia, Australia agree to measures to address Covid-19 including vaccination cooperation
Covid-19: Number of patients in intensive care reaches all-time high

Stories You'll Enjoy