BNM takes enforcement action against two foreign exchange service entities in Malaysia
Bank Negara Malaysia has taken enforcement action against Najmuldin Exchanger and Nusantara Global Network following suspected violations of the Financial Services Act 2013. The action relates to the advertising of foreign exchange trading activities without the central bank’s written approval, adding to warnings about the financial risks posed by unauthorized services.
Highlights
- Bank Negara Malaysia and the Royal Malaysia Police raided four premises in Kedah and Perak, seizing documents and digital devices related to an investigation into unauthorized foreign exchange activities.
- Two entities are being investigated under Subsection 214(2) and Paragraph 1(b), Schedule 14, of the Financial Services Act 2013 for advertising without written approval.
- BNM warns the public against engaging with unlicensed entities offering foreign exchange services to avoid becoming involved in illegal activities.
This article was translated from the original. Read the original version by our correspondent here.
Investigation into advertising without written approval
As reported by The Edge Malaysia, citing a statement from Bank Negara Malaysia, the enforcement action was carried out with the assistance of the Royal Malaysia Police as part of ongoing efforts to protect the public from potential financial risks associated with unauthorized foreign exchange transactions.The central bank said four premises in several locations in Kedah and Perak had been raided. Relevant documents, equipment, books, and digital devices were also seized to assist with the investigation.
BNM said both entities are being investigated under Subsection 214(2) read together with Paragraph 1(b), Schedule 14, of the Financial Services Act 2013.
Risk warning to the public
BNM advised the public not to engage with unlicensed or unregistered entities that offer or advertise foreign exchange-related services, as doing so could make them complicit in illegal activities.The central bank also urged anyone with information about individuals or entities suspected of advertising or facilitating foreign exchange transactions without authorization to provide that information to BNM. This reflects ongoing oversight of the financial services sector to curb illegal activity in the foreign exchange market.
In our previous article on BNM's monetary policy signals and market expectations, we discussed how geopolitical tensions and high energy prices are affecting inflation forecasts, the OPR outlook, and investor sentiment. We also covered the ringgit's performance and volatility in the bond market, including how changes in BNM's policy guidance are giving markets room to reassess their rate hike expectations.
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