You are using an older browser version. Please use a supported version for the best MSN experience.

Top Stories

BNM raids Famirah Sukses Wisata over alleged illegal money services business

The Edge logoThe Edge 25/4/2018 Faiz Halim
© The Edge Communications Sdn Mhd

KUALA LUMPUR (April 25): Bank Negara Malaysia (BN) raided four premises owned by Famirah Sukses Wisata yesterday for allegedly carrying out illegal retail remittance business activities without a licence.

"Relevant documents and cash amounting to RM139,922.89 were seized for the purpose of the investigation. The raids were conducted in various places in Johor, namely Kota Tinggi Pandan; Bestari Bestmart, Skudai; TJ Mart, Senai; and Taman Air Biru, Pasir Gudang," said the cental bank in a statement today.

Under the Money Services Business Act 2011, any person or company who is found committing illegal money services businesses is liable to a fine not exceeding RM5 million or imprisonment for a term not exceeding 10 years or to both.

In the same raiding operations, BNM said 11 illegal immigrants who were involved in manning the premises were detained in collaboration with the Immigration Department of Malaysia for breaching the Immigration Act 1959/63 (Act 155).

"This is part of the continuous enforcement actions undertaken by BNM to protect members of the public against any financial loss when dealing with informal channels," it explained.

BNM said the public are advised not to conduct any money changing or remittance transactions with illegal money services business operators and their agents.

"Any person who conducts transactions with an illegal money services business operator does so at his own risk, and appropriate legal action can be taken against him by the relevant authorities," it warned.

More From The Edge

image beaconimage beaconimage beacon