Bank Negara Malaysia would like to caution members of the public not to participate in any illegal investment or training programme on foreign currency trading offered by individuals or companies both domestic and foreign.
Members of the public are usually enticed to attend such investment or training programmes with promises of quick and good returns. The modus operandi of such programmes have included:
1) Offering free training, seminars or workshops to lure investors, prior to inviting investors to set-up an online foreign currency trading account with a principal company (purported to have valid licence to trade foreign currency overseas);
2) Providing convenient access to the principal company's website and trading facilities to facilitate online foreign currency trading by investors;
3) Recruitment of fresh graduates as marketing executives and encouraging them to get their family and friends to trade foreign currency;
4) Requiring investors to deposit an amount of money into a bank account to begin trading foreign currency, and subsequently, requesting for a top up on their initial investment ("margin call") to avoid losing their capital.
Under the Exchange Control Act 1953 (ECA):
1) It is an offence for a person in Malaysia to buy or sell foreign currency or do any act which involves, is in association with, or is preparatory to, buying or selling of foreign currency with any person, other than an authorised dealer.
2) It is also an offence for a person to aid or abet another person to buy or sell foreign currency with any person, unless the person is an authorised dealer.
The list of authorised dealers and financial institutions permitted by the Controller of Foreign Exchange to buy or sell foreign currency are as below:
Affin Bank Berhad
Affin Islamic Bank Berhad
Al Rajhi Banking & Investment Corporation (Malaysia) Berhad
Alliance Bank Malaysia Berhad
Alliance Islamic Bank Berhad
AmBank (M) Berhad
AmIslamic Bank Berhad
Asian Finance Bank Berhad
Bangkok Bank Berhad
Bank Islam Malaysia Berhad
Bank Muamalat Malaysia Berhad
Bank of America Malaysia Berhad
Bank of China (Malaysia) Berhad
Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad
CIMB Bank Berhad
CIMB Islamic Bank Berhad
Citibank Berhad
Deutsche Bank (Malaysia) Berhad
EON Bank Berhad
EONCAP Islamic Bank Berhad
Hong Leong Bank Berhad
Hong Leong Islamic Bank Berhad
HSBC Amanah Malaysia Berhad
HSBC Bank Malaysia Berhad
Industrial & Commercial Bank of China (Malaysia) Berhad
J.P. Morgan Chase Bank Berhad
Kuwait Finance House (Malaysia) Berhad
Malayan Banking Berhad
Maybank Islamic Berhad
Mizuho Corporate Bank (Malaysia) Berhad
OCBC Al-Amin Bank Berhad
OCBC Bank (Malaysia) Berhad
Public Bank Berhad
Public Islamic Bank Berhad
RHB Bank Berhad
RHB Islamic Bank Berhad
Standard Chartered Bank Malaysia Berhad
Standard Chartered Saadiq Berhad
The Bank of Nova Scotia Berhad
The Royal Bank of Scotland Berhad
United Overseas Bank (Malaysia) Berhad
Last Updated Date : 08 March 2012
UPDATED 7 August 2012
You can find the list of known companies and websites which are not authorised nor approved under the relevant laws and regulations administered by Bank Negara Malaysia:
http://www.bnm.gov.my/documents/2012/Financial_Consumer_Alert_listEN.pdf
For further enquiries, members of the public can contact Bank Negara Malaysia at:
BNMTELELINK (Customer Service Call Centre)
1-300-88-5465 or
E-mail: bnmtelelink@bnm.gov.my
You can find the list of known companies and websites which are not authorised nor approved under the relevant laws and regulations administered by Bank Negara Malaysia:
ReplyDeletehttp://www.bnm.gov.my/documents/2012/Financial_Consumer_Alert_listEN.pdf