Bank Negara Malaysia would like to refer to the recent media reports relating to the Financial Consumer Alert List published by the Bank. The introduction of the List is to provide members of the public a quick reference and guide in making decisions in relation to various financial services offered by non-licensees.

The Financial Consumer Alert List essentially refers to the list of unregulated person or companies who have been mistaken as being licensed or permitted by regulators including Securities Commission Malaysia, Ministry of Domestic Trade, Co-Operatives and Consumerism, Companies Commission Malaysia and Cooperative Commission of Malaysia on their business activities.

The List comprises of companies or individuals not licensed by the regulators and which have received numerous inquiries from members of the public. The List is not exhaustive and will be updated regularly for public's reference. For further information, members of the public can contact BNMTELELINK at 1-300-88-5465. The Financial Consumer Alert List is available on Bank Negara Malaysia's website (www.bnm.gov.my/consumeralert).

Bank Negara Malaysia would also like to advise members of the public that they are free to undertake outright buying and selling of gold. However, members of the public should be cautious of various illegal deposit-taking and investment schemes especially in precious metals such as gold that entice them with high returns. These schemes promise high returns over a short period of time with the option to buy back the gold. These schemes could be "get rich quick schemes" or termed as "Ponzi schemes" where the investment money collected are used to pay out as "high returns" to other investors. Such schemes are illegal and fraudulent and members of the public may lose all their money.

Members of the public are advised to check with the relevant authority when dealing with companies or individuals offering seemingly attractive business opportunities or financial services and not licensed by the relevant authority.