KUALA LUMPUR: Bank Negara Malaysia recently raided eight money changing and remittance business premises operating without a license granted under section 7(1) of Money Services Business Act 2011 (MSBA), which is an offence under section 4(1) of the act.
The entities involved were Anver Cahaya Enterprise, Kawzar Enterprise, Mabruk Mohaideen Enterprise, Nisha Khan Enterprise, Rifai Maju Enterprise, B First Resources, Money [email protected] Kita and Nur Ekspress Enterprise.
The central bank said the raids were conducted at premises located along Jalan Tuanku Abdul Rahman and Jalan Datuk Keramat, Kuala Lumpur, with seizure made on the relevant documents and computer peripherals to assist in the investigations.
Anyone convicted of the offence under Section 4(1) of the MSBA is liable to a fine not exceeding RM5 million or imprisonment for a term not exceeding 10 years or both.
The raids were conducted in collaboration with police and the Immigration Department.
“Five illegal immigrants who were involved in manning the premises and customers of the illegal entities were detained by the Immigration Department for investigations under the Immigration Act 1959/63 (Act 155),” BNM said in a statement.
The raids are part of BNM’s enforcement actions to protect 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,” it added.