KUALA LUMPUR: Bank Negara Malaysia (BNM) raided two Kuala Lumpur-based companies, Jasa Kembar Sdn Bhd and Lancar Borneo Sdn Bhd, on suspicion of conducting an illegal remittance business and money laundering activities.
In a statement today, BNM said the raids were jointly conducted with the Police and CyberSecurity Malaysia.
It said the premises of the agents of the companies and residences of directors of both companies were also raided, and all relevant assets and documents seized, with bank accounts frozen for investigation.
The companies will be investigated under Section 4(1) of the Money Services Business Act 2011 (MSBA) for the suspected offence of carrying out remittance business activities without a licence and if convicted, be liable to a fine not exceeding five million ringgit, or imprisonment for a term not exceeding ten years or both.
BNM said the two companies will also be investigated for engaging in money laundering activities, which is an offence under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
On conviction, they can be liable to imprisonment for a term not exceeding fifteen years and shall also be liable to a fine of not less than five times the sum or value of the proceeds of an unlawful activity or instrumentalities at the time the offence was committed or five million ringgit, whichever is the higher.
BNM has advised members of the public to not deal or remit money through these two companies and their agents and not use the services of illegal operators.
“The public will not be protected against any financial losses, given the absence of a proper complaint and redress mechanism in the event of a dispute.
There is also no assurance that the remitted monies will reach the intended beneficiary,” it added.-Bernama