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KUALA LUMPUR: Bank Negara recently raided eight money changing and remittance business premises operating without a licence granted under section 7(1) of Money Services Business Act 2011 (MSBA), which is an offence under section 4(1) of MSBA.
Bank Negara Malaysia (BNM) has charged Guan Hin Chan Enterprise (M) Sdn Bhd and its director, Lim Eng Shieong for operating an unlicensed money changing business in Kedah.
AIDED by rapid technological advancements, the money changing and remittance industry globally has seen significant growth over the last decade in terms of size, sophistication and number of players with global linkages and advanced operations.
GEORGE TOWN: An Indonesian woman broke down in tears in a Sessions Court here after she was charged with carrying out an unlicensed money-changing business about three years ago.
GEORGE TOWN: An Indonesian mother and her daughter were charged with carrying out illegal money-changing business three years ago.
A 34-year-old chauffeur was fined RM20,000 after he pleaded guilty to running an illegal money-changing business three years ago.
GEORGE TOWN: A money-changing company and two of its directors claimed trial in a Sessions Court to allegedly transferring funds involving RM17mil abroad for a third party and failing to keep records of the transactions.
A money-changing company and three of its directors were charged at the Ampang Sessions Court near Kuala Lumpur with operating the business without a licence.