Bank Negara Malaysia (BNM) wishes to address and clarify several claims and misrepresentations of facts circulating within the public domain in relation to the affairs of Quantum Metal Sdn. Bhd. (QMSB).

QMSB is a reporting institution under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA) as it deals in precious metals or precious stones, an activity listed as item 24 under Part 1 of the First Schedule of the AMLA along with other designated non-financial businesses and professions sectors such as lawyers, accountants, trust companies and company secretaries.

As a reporting institution, QMSB is obliged to undertake preventive measures to prevent its activities from being misused as a conduit for money laundering or terrorism financing activities.

However, being a reporting institution does not mean that QMSB’s products and business activities, such as gold products and trading, are registered, approved or licensed under laws administered by BNM. Any claims that QMSB’s activities are approved and licensed by BNM, directly or indirectly, are false. 

BNM has also been made aware of various claims on social media that all incoming transactions outside of Malaysia needs the approval and verification of BNM in relation to AMLA. BNM wishes to clarify that any inflow of funds into the country, excluding those for offshore borrowing purposes exceeding the respective limits provided under the foreign exchange policies, does not require prior verification and approval from BNM.^[1]

No person should misuse BNM’s name and correspondences that could invite misunderstanding that their products or services are approved by BNM. Any claims of association with BNM by any entity or individual should not be solely relied on in determining the legitimacy of such business.

BNM would like to remind the public to remain vigilant when making investment decisions. Any suspected unauthorised financial activities should be reported to the relevant law enforcement authorities.

See also: 

• AML/CFT regulation
• Foreign exchange policy
• List of Licensed Financial Institutions

 [1] Foreign Exchange Policy Notices