KUALA LUMPUR: Bank Negara Malaysia (BNM), in collaboration with the Royal Malaysia Police (PDRM), has raided a total of eight premises in various parts of Sarawak suspected of operating money services businesses without a valid license from BNM, as well as potentially engaging in money laundering activities.

In a statement today, the central bank said that this is part of continuous enforcement efforts to protect members of the public against potential financial risks when dealing with unlicensed entities in the country.

BNM said that the business entities are being investigated under Subsection 4(1) of the Money Services Business Act 2011 (MSBA).

"Any person who commits an offence under Subsection 4(1) MSBA is liable to a fine not exceeding RM5 million or imprisonment for a term not exceeding ten years, or both," it said.

The central bank also would like to remind the public that it is an offence to operate a money services business without a valid license from BNM.

"A list of licensed money services businesses can be found on the BNM website at bnm.gov.my/licensed-msb-operators.

"Members of the public are urged to only deal with licensed money services businesses to safeguard their financial interests and are encouraged to report any unlicensed entity to BNM," it added.

-- BERNAMA