BNM intensifying efforts against illegal $ business
Published on: Saturday, March 23, 2019
By: Mardinah Jikur

SANDAKAN: Bank Negara Malaysia (BNM) is intensifying efforts against illegal money service business (MSB) operators, said its MSB Regulation Director Nik Mohamed Din Nik Musa.

While actions have been continuous and ongoing, he hoped that publicising of the enforcement actions taken will deter others from engaging in such activities, either as provider or customer.

“In this regard, BNM thank the industry players who have been helpful in providing information on activities of illegal operators,” he said at the Project Greenback 2.0 Kota Kinabalu (GBKK) anniversary and appreciation dinner, here.

“We hope that this information flow will continue so proper actions can be taken against these perpetrators.”

In general, he said, the MSB industry in Malaysia has achieved a higher level of professionalism and maturity in terms of compliance with BNM’s rules and regulations.

“The players too have grown in size and have greater prosperity to expand, with some of them even have ventured abroad to seek new opportunities.

“As part of our strategy toward further strengthening the industry, BNM will be rolling out a longer tenure of license to industry players beginning this week.

“I believe this would assist the players with their expansion and sustainability agenda,” he said.

This, however, will be subjected to strict safeguards being put in place by the licensees.

“The Bank will continue to strengthen the enforcement actions on licensees who failed to comply with the regulatory requirements, including revocation of license, imposing punitive compound and penalty, as well as charges under criminal action.”

He also stressed that all players are expected to be more responsible on risk management and compliance matters, as this will greatly affect the image and public perception on the industry.

Photo Source: Bernama


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