https://www.thestar.com.my/business/business-news/2024/01/22/qmsb-obliged-to-undertake-preventive-measures-to-avoid-money-laundering-terrorism-financing-activities---bnm

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, said Bank Negara Malaysia (BNM) today.

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 BNM, added the central bank.

"Any claims that QMSB’s activities are approved and licensed by BNM, directly or indirectly, are false,” BNM said in a statement today 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 BNM in relation to AMLA.

"BNM 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 BNM.

"No person should misuse BNM’s name and correspondences that could invite misunderstanding that their products or services are approved by BNM. Any claims of association with BNM, by any entity or individual, should not be solely relied on in determining the legitimacy of such business," said BNM

The central bank 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.