KUALA LUMPUR – Bank Negara Malaysia (BNM) has clarified that any claims that Quantum Metal Sdn Bhd’s (QMSB) activities are approved and licensed by the regulator, directly or indirectly, are false.
“As a reporting institution, QMSB is obliged to undertake preventive measures to prevent its activities from being misused as a conduit for money laundering or terrorism financing activities.
“However, being a reporting institution does not mean that QMSB’s products and business activities, such as gold products and trading, are registered, approved or licensed under laws administered by BNM,” said the central bank in a statement today.
“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.”
QMSB is a reporting institution under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amla) as it deals in precious metals or precious stones, an activity listed as item 24 under Part 1 of the First Schedule of the Amla.
Earlier, the Accountant-General’s Department denied that its Sabah branch had any involvement with QMSB’s gold investment scheme as purportedly claimed on social media. – January 22, 2024