KUALA LUMPUR: As a reporting institution, Quantum Metal Sdn Bhd (QMSB) is obliged to undertake measures to prevent its activities from being misused as a conduit for money laundering or terrorism- financing activities, says Bank Negara.
However, being a reporting institution does not mean that QMSB’s products and business activities, such as gold products and trading, were registered, approved or licensed under laws administered by Bank Negara, added the central bank.
“Any claims that QMSB’s activities are approved and licensed by Bank Negara, directly or indirectly, are false,” the central bank said in a statement to address and clarify several claims and misrepresentations of facts circulating within the public domain in relation to the affairs of QMSB.
QMSB is a reporting institution under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). It deals in precious metals or precious stones, as listed under item 24, Part 1 of the First Schedule of the AMLA.
The central bank said it has also been made aware of various claims on social media that all incoming transactions outside of Malaysia need the approval and verification of Bank Negara in relation to AMLA.
“Bank Negara wishes to clarify that any inflow of funds into the country, excluding those for offshore borrowing purposes exceeding the respective limits provided under the foreign exchange policies, does not require prior verification and approval from the central bank.
“No person should misuse Bank Negara’s name and correspondences that could invite misunderstanding that their products or services are approved by Bank Negara.
“Any claims of association with Bank Negara, by any entity or individual, should not be solely relied on in determining the legitimacy of such business,” said the central bank.
Bank Negara also reminded the public to remain vigilant when making investment decisions and any suspected unauthorised financial activities should be reported to the relevant law enforcement authorities. — Bernama
