Malaysia warns actions against illegal financial schemes
Bank Negara Malaysia (BNM) has warned that drastic actions will be taken against perpetrators and investors of illegal financial schemes through a line-up of regulations.
BNM has warned those involved in illegal financial schemes that they can be charged under any of the various laws. (Photo: nst.com.my)Kuala Lumpur (VNA) – Bank Negara Malaysia (BNM) has warned that drastic actions will be taken against perpetrators and investors of illegal financial schemes through a line-up of regulations.
The enforced laws include Penal Code, Interest Schemes Act 2016, Direct Sales and Anti-Pyramid Scheme Act 1993 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
The BNM has cautioned the public not to join in schemes that promise unrealistically high returns, interest rates or profits.
In addition, it also directed financial organisations and business service providers to enhance supervision to detect accounts used by the perpetrators of financial scams.
They are also asked to increase policies and examinations of Customer Due Diligence (CDD) to identify suspicious transactions and money flows between banks to prevent illegal financial programmes.-VNA
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