KUALA LUMPUR: Bank Negara Malaysia has taken enforcement action against Najmuldin Exchanger and Nusantara Global Network over suspected contraventions of the Financial Services Act 2013 (FSA).
The action relates to the advertising of foreign currency buying and selling activities without the central bank’s written approval.
“The enforcement action was undertaken by Bank Negara with the assistance of the Royal Malaysia Police (PDRM), as part of Bank Negara’s continuous enforcement efforts to safeguard the public against potential financial risks associated with the unauthorised buying and selling of foreign currency.
“A total of four premises in various parts of Kedah and Perak were searched. Relevant documents, equipment, books and digital devices were seized to facilitate the investigation,” the central bank said in a statement published on its website today.
It noted that the entities are being investigated under subsection 214(2) read together with paragraph 1(b) of Schedule 14 of the FSA.
Bank Negara said members of the public are advised to refrain from participating in unlicensed or unregistered entities offering or advertising foreign currency-related services, as this may result in being complicit in illegal activities.
“For further information on illegal financial schemes and enforcement actions taken by Bank Negara, please refer to bnm.gov.my/enforcement-actions,” it emphasised.
Bank Negara added that members of the public with information on any person or entity suspected of advertising or facilitating the buying or selling of foreign currency without authorisation may report the matter to Bank Negara at bnm.gov.my/BNMLINK or 1300-88-5465.