What financial crimes is XFOX Market suspected of committing?

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XFOX Market Suspected of Violating Financial Services and Anti-Money Laundering Acts

XFOX Market Sdn Bhd is under suspicion for alleged violations of Malaysia's Financial Services Act 2013 (FSA) and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). These suspicions led to a joint enforcement action targeting the firm and other entities, resulting in the confiscation of assets exceeding RM30 million. The company had previously been placed on Bank Negara Malaysia's Financial Consumer Alert list on June 14, 2023.
Suspected Violations of Financial Services Act 2013

The enforcement action was prompted by suspicions of violations under the FSA. A key potential violation cited is the acceptance of deposits without a valid license. Should a conviction occur for this offense under the FSA, individuals could face a maximum prison sentence of 10 years and substantial fines of up to RM50 million.
Suspected Violations of Anti-Money Laundering Act 2001

In addition to the FSA, XFOX Market is also suspected of contravening the AMLA. This act addresses the complex issue of money laundering and the financing of terrorism. Penalties for convictions under AMLA are severe, potentially including imprisonment for up to 15 years and fines equivalent to at least five times the value of the unlawful activities involved.
Enforcement Action and Seized Assets

The operation involved multiple agencies, including Bank Negara Malaysia, the Ministry of Domestic Trade and Cost of Living, the Inland Revenue Board, CyberSecurity Malaysia, and the police. During the raid on 12 premises in the Klang Valley, authorities seized assets valued at over RM30 million. This included gold, cash amounting to more than RM4.85 million (including foreign currencies), cryptocurrency, and luxury vehicles. Furthermore, 92 bank accounts holding RM25.4 million and a safe deposit box were frozen as part of the investigation.

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What financial crimes is XFOX Market suspected of committing?

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