Bank Negara takes action against two entities over unapproved advertising of foreign currency services

KUALA LUMPUR: The central bank of Malaysia, Bank Negara, has taken enforcement action against two entities, Najmuldin Exchanger and Nusantara Global Network, for allegedly violating the Financial Services Act 2013 by advertising foreign currency services without proper approval. The action was carried out in collaboration with the Royal Malaysia Police (PDRM) to protect the public from potential financial risks associated with unauthorized buying and selling of foreign currency.

As part of this enforcement, four premises in Kedah and Perak were searched, and relevant documents, equipment, books, and digital devices were seized to aid the investigation. The entities are now being investigated under subsection 214(2) and paragraph 1(b) of Schedule 14 of the FSA. Bank Negara advises the public not to engage with unlicensed or unregistered entities offering foreign currency-related services, as this could lead to involvement in illegal activities.

For more information on illegal financial schemes and enforcement actions taken by Bank Negara, the public can visit bnm.gov.my/enforcement-actions. Anyone with information about individuals or entities advertising or facilitating unauthorized foreign currency transactions can report the matter to Bank Negara via bnm.gov.my/BNMLINK or by calling 1300-88-5465.