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Enforcement Action against Illegal Money Services Business Operators in Johor

Release Date: 06 Dec 2019

On 4 December 2019, Bank Negara Malaysia (BNM) in collaboration with the Royal Malaysia Police raided five premises in Johor for carrying out money services business without a license under section 7(1) of Money Services Business Act 2011 (MSBA). This is an offence under section 4(1) of MSBA and also constitutes a money laundering offence under section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds on Unlawful Activities Act 2001 (AMLA).

Relevant documents and cash amounting to RM300,000 were seized to assist the investigation. The raids were conducted at various locations in Johor, including in Kota Tinggi Pandan, Senai and Kempas.

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 imprisonment for a term not exceeding 10 years or both. Under the AMLA, any person who commits a money laundering offence shall on conviction, be liable to imprisonment for a term not exceeding 15 years and a fine of not less than five times the sum or value of the proceeds or RM5 million, whichever is the higher. 

Members of the public are advised not to deal with or conduct any money changing or remittance transaction with illegal money services business operators and their agents.

Any person who conducts transactions with an illegal money services business operator does so at their own risk, and appropriate legal actions can be taken against them by the relevant authorities. Members of the public should conduct their transactions only with licensed money services business operators which are listed on BNM's website (www.bnm.gov.my). ­­­­

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