Bank Negara Malaysia has issued a statement on claims that Quantum Metal’s activities such as gold products are regulated and licensed by the central bank.
BNM said such claims are misrepresentations of facts as QMSB is a reporting institution under the Anti-Money Laundering, Anti Terrorism Financing and Proceeds of Unlawful Activities Act 2001) as it deals in precious metals or precious stones. It is an activity listed as item 24 under Part 1 of the First Schedule of the AMLA along with other designated non-financial businesses and professions sectors such as lawyers, accountant, trust companies and company secretaries.
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, BNM said 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. Any claims that QMSB’s activities are approved and licensed by the regulator is false.
On the claims on social media that all incoming transactions outside of Malaysia needs the approval and verification in relation to AMLA, BNM said 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.
