KUALA LUMPUR: Bank Negara Malaysia (BNM) has cautioned the public to be wary of companies or individual misusing acknowledgement letters to solicit investments in financial schemes involving gold and other precious metals.
Source from (The Star Online): http://biz.thestar.com.my/news/story.asp?file=/2012/7/31/business/20120731162950&sec=business
Published: July 31, 2012
Source from (Bernama): http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=684539
Published: July 31, 2012
The central bank said on Tuesday it had received enquiries from the public about companies, which represented themselves as scheduled institutions with BNM, to solicit investments from the public.
Under the Banking and Financial Institutions Act 1989, a company that conducted either leasing, factoring, development finance or building credit activities would only receive a written acknowledgement from the bank.
"Such an acknowledgement letter by the bank does not amount to a business licence or approval by BNM in respect of the scheduled business stated in the acknowledgement letter, or other businesses carried on by the scheduled institution concerned," it said.
BNM said a register of scheduled institutions which obtained an acknowledgement was maintained for statistical purposes only.
"If a scheduled institution does not, or ceases to carry on, its scheduled business, BNM would proceed to withdraw its acknowledgement letter," it said.
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