BNM issued warning letters to nine illegal money services business operators

Institution : Bank Negara Malaysia - BNM
14 January, 2021      94



KUALA LUMPUR (Jan 14): Bank Negara Malaysia (BNM) issued warning letters to nine entities for conducting illegal money services business between September and November last year.

The list comprises Sepakat Network, Little Gift House Enterprise, Hajun Enterprise, LSP Punitha Enterprise, Vickey Computer Service and Repair, Balkees Enterprise, Sheikh Abdullah Enterprise, Arman Asad Enterprise and Southern Network Enterprise Sdn Bhd.

According to BNM's list, which dates back to 2013 and was updated on Monday (Jan 11, 2021), the nine entitles comprise three businesses operating in Selangor, four in Kuala Lumpur and one each in Johor and Penang.

BNM said the warning letters were issued to the nine entities for conducting illegal money services business, which includes money changing and remittance services that contravene section 4(1) of the Money Services Business Act 2011 in Malaysia.

"Please take note that the list is not exhaustive and only serves as a guide to members of the public based on information and queries received by BNM.

"The list will be updated regularly for [the] public's reference,” BNM said.

The addition of the nine businesses to BNM’s list of entities conducting illegal money services business brought the total number of entities in the list to 260, according to BNM.

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