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Enforcement Action Against Illegal Money Services Business Operators in Kuala Lumpur

Release Date: 14 Feb 2019

On 12 February 2019, Bank Negara Malaysia (BNM) raided eight premises conducting money changing and remittance business activities without a license granted under section 7(1) of Money Services Business Act 2011 (MSBA), which is an offence under section 4(1) of MSBA.

Any person or company who commits an offence under section 4(1) of the MSBA shall, on conviction, be liable to a fine not exceeding RM5 million or to imprisonment for a term not exceeding 10 years or to both. Relevant documents and computer peripherals were seized for the purpose of assisting investigations. The raids were conducted at premises located along Jalan Tuanku Abdul Rahman and Jalan Dato’ Keramat, Kuala Lumpur.

The entities are:

  1. Anver Cahaya Enterprise (002422813-D)
  2. Kawzar Enterprise (002222493-K)
  3. Mabruk Mohaideen Enterprise (PG0413789-U)
  4. Nisha Khan Enterprise (002616692-V)
  5. Rifai Maju Enterprise (002689961-X)
  6. B First Resources (002581856-X)
  7. Money Me@Hotel Kita (945197-U)
  8. Nur Ekspress Enterprise (002392685-H)

The raiding exercise was conducted in collaboration with the Royal Malaysia Police and the Immigration Department of Malaysia (JIM). Five illegal immigrants who were involved in manning the premises and customers of the illegal entities were detained by JIM for investigations under the Immigration Act 1959/63 (Act 155).

The raiding exercise is part of the continuous enforcement actions undertaken by BNM to protect members of 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.

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. Members of the public are advised to refer to the list of licensed money services business operators on BNM's website (www.bnm.gov.my).

© Bank Negara Malaysia, 2019. All rights reserved.