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Investment: Watch Out! These Companies Aren’t Approved by BNM

Updated 11 Aug 2021 – By Farhana Adli



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*This article was translated by Farhana Adli from PELABURAN: Ini Senarai Syarikat Yang Takde Kelulusan BNM


Do you ever get an abrupt overwhelming excitement crept into your soul to start investing your money, but then, you feel not confident and doubtful of the companies? 

It’s so important to know the details of the companies that you’re going to invest in before you jump into it. This time, we’re going to share with you the list of the companies that haven’t or didn’t get approval from the Central Bank of Malaysia (BNM) and all the significant details that you guys need to know before ploughing your money into them. 


Image source: Google 


Here’s the list of the companies that didn’t get approval from the Central Bank of Malaysia (BNM). 

The companies that we’ll be listing are based on the information, reports, and queries received by the Central Bank of Malaysia (BNM). However, this list is incomplete and will be updated from time to time. The purpose of this article is to inform you guys about what you need to know. 

You guys are advised to not make any deposit or investment with individuals or entities that aren’t regulated by the relevant laws. 

 


Image source: Google

These are the companies that are neither authorised nor approved under the relevant laws and regulations administered by BNM in 2021. 

  • RCFX

  • RC Group

  • RC Group Sdn Bhd

  • Ace Global Sales & Services

  • FxUnited Malaysia (myfxunited)

  • Global Wave Gold Corporation 

  • Instaforex

  • UER Gold

  • Zenith Gold International Limited (ZGI)

Do check out 261 companies that are listed here
 

So, what happens when you invest your money in companies that aren’t approved by BNM? 

  • Consumer protection isn't valid and can’t be used if the companies that you choose aren’t registered under BNM.
  • You may BE CHARGED under the relevant laws for complying with the illegal activities. 
 


Image source: Google


How to identify the iffy individuals or companies? 

According to BNM’s official website, there are a number of shady characteristics of an individual or company, which are: 

  • The operators will contact you through letters, phone calls, online, or might as well face-to-face but with the same intention which is to receive money from the innocent people (which is you guys) for the inexistent goods or services.  
  • The interest rates, returns, or profits in their schemes are much higher than the licensed financial institutions. 
  • High returns are promised to captivate you to invest in their illegal schemes. The investors may not be given any copy of documents, including the agreement with the scammers. 
  • No guarantee on instant high returns. 
  • The operators will use the money received from the new depositors to provide high returns or repay the principal amount to the old depositors at the beginning of the scheme. 
  • Having said that, they can’t make deposits in the ventures or investments that can provide the same or higher returns, hence, they can’t maintain high returns or repay the investor's money as promised. 
 


Image source: Google

Who can I make a report to if I feel unsure of them or almost get scammed? 

You’re advised to inform BNM of any illegal and suspicious activities or entities to:
 

BNMTELELINK (Pusat Perhubungan Bank Negara Malaysia)
1-300-88-5465 atau
E-mel: bnmtelelink@bnm.gov.my


The illegal financial activities that can be reported to BNM are:

  • An illegal deposit-taking. 
  • Invalid foreign currency trading scheme. 
  • Illegal money services business activities. 
  • Improper market conduct or practices by BNM's licensee.
  • Misuse of BNM and senior officers' names and positions
  • Other illegal financial activities mentioned in the relevant laws and regulations managed by BNM. 
 


Image source: The Star


You can also make a report at the respective BNM's Regional Offices and branches in Malaysia:

Pejabat Wilayah Bank Negara Malaysia Pulau Pinang
Jalan Corner Light
10200 Pulau Pinang
Tel: +6088 522 310 / 088 522 328

Pejabat Wilayah Bank Negara Malaysia Johor Bahru
Jalan Bukit Timbalan
80000 Johor Bahru
Johor Darul Takzim
Tel: 607-224-0799

Pejabat Wilayah Kota Kinabalu
Bank Negara Malaysia
Jalan Lapan Belas
88000 Kota Kinabalu
Sabah
Tel: +6088 522 310 / 088 522 328
Fax : +6088 522 302

Cawangan Bank Negara Malaysia Kuala Terengganu
Jalan Sultan Mohamad
21100 Kuala Terengganu
Terengganu Darul Iman
Tel: 609-622-0571

Pejabat Wilayah Kuching
Bank Negara Malaysia
Jalan Satok
93400 Kuching
Sarawak
Tel: +6082-224200 / 082-224328

 


Image source: Google

On top of it, if you guys are members of the public, then you may as well check with other enforcement agencies for verification on related activities:

Securities Commission (SC) : www.sc.com.my
Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan (KPDNKK) : ww.kpdnkk.gov.my
Suruhanjaya Koperasi Malaysia : www.skm.gov.my
Suruhanjaya Komunikasi dan Multimedia Malaysia : www.skmm.gov.my
Suruhanjaya Syarikat Malaysia : www.ssm.com.my
Polis Diraja Malaysia : www.rmp.gov.my

The most important aspect of any kind of investment is that you guys need to understand the concept beforehand and always take a cautious step before starting your move. 

So, if you need more information regarding finances, you can always get it from Loanstreet for free, ya!

*The above article is intended for informational purposes only. Loanstreet accepts no responsibility for loss that may arise from reliance on information contained in the articles.
 

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