KUALA LUMPUR: Four individuals were charged at the Alor Setar and Kangar Sessions Courts on Thursday for conducting money changing activities without a licence.
Bank Negara Malaysia (BNM) said the four were charged under Section 7(1) of Money Services Business Act 2011 (MSBA), an offence under section 4(1) of MSBA.
“Two of the accused pleaded guilty to the charges at the Alor Setar Sessions Court,” it said in a statement today.
Lee Boon Kian was fined RM60,000 (in default 12 months’ imprisonment) for an offence under Section 4(1) of MSBA and fined RM30,000 (in default six months’ jail) for use of the words “money service business” without approval, an offence under section 23(1) of the MSBA.
Meanwhile, Lee Ai Choo was fined of RM60,000 (in default 12 months’ imprisonment).
At the same court, another accused, Kok Eng Huat, claimed trial and the court set bail at RM30,000 with one surety and the next mention date was fixed on March 28, 2019.
At the Kangar Sessions Court, Chin Foh Lean claimed trial and the court set bail at RM50,000 with one surety and the next mention date was set for April 9, 2019.
“Foreign currencies found in the premises (of the accused) were also seized for further investigations under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” BNM said.
The central bank said the premises run by the four accused in Bukit Kayu Hitam, Kedah and Padang Besar, Perlis were raided on March 3 in collaboration with the police.
“The raiding exercise is part of the continuous enforcement actions undertaken by BNM to protect the public against potential financial losses when dealing with unlicensed entities.
“As such, the public are advised not to deal or conduct any money changing or remittance transactions with illegal money services business operators and their agents.
“Any person who conducts transactions with an illegal money services business operator does so at his own risk and appropriate legal action could be taken against him by the relevant authorities,” it said.
The public are advised to refer to the list of licensed money services business operators on BNM’s website (www.bnm.gov.my). -- BERNAMA