What did Bank Negara Malaysia find at RSI International Bhd’s Cheras office?

Question

Accepted Answer

Bank Negara Malaysia Found Unauthorised Use of the Word "Bank" at RSI International Bhd's Cheras Office

Bank Negara Malaysia (BNM) conducted a raid on RSI International Bhd's Cheras office on October 23, discovering that the company was using the word "bank" on its office signage without the necessary written approval from BNM. During the operation, relevant documents and computers were seized to aid in the ongoing investigation into this matter.
Unapproved Signage Discovered

BNM's investigation focused on the signage at RSI International Bhd's premises in Cheras. The discovery was made on October 23, leading to the subsequent seizure of materials deemed relevant to the inquiry.
Violation of Financial Services Act 2013

The use of the word "bank" without explicit written consent from BNM constitutes an offence under Section 139(1) of the Financial Services Act 2013. This section stipulates that such usage is prohibited unless the entity is duly licensed under the Act to conduct banking or investment banking business.
Potential Penalties for Conviction

Individuals or entities found guilty of this offence face significant penalties. Conviction can result in imprisonment for a term not exceeding eight years, a fine of up to RM25 million, or a combination of both imprisonment and a substantial fine.

Reading history

Hide →

This history is cleared when the page is closed.

What did Bank Negara Malaysia find at RSI International Bhd’s Cheras office?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends