China will step up its crackdown on illegal cross-border money transfers conducted by underground money dealers and offshore companies, as part of efforts to fight corruption. 92 “major” cases detected involving more than 800bn yuan ($126bn) since launching the campaign in April 2015 and the number is increasing. Here some list for your reference – SAFE list of cases where foreign exchange regulations were violated.
To avoid risks associated with fraudulent websites when transferring money online, one should always deal with reputable and regulated companies.
BNM advised the public to use to deal only with licensed money services business operators which can be identified by the official logo of Malaysian Association of Money Services Business (MAMSB) displayed at their counters (please refer attachment for the MAMSB logo). The list of licensed money services business operators is also available in Bank Negara Malaysia’s website (bnm.gov.my).
BNM enforcement action on illegal money services business premises in 2017
The sole proprietor of Beauty Distributer fined RM65,000 by the Sessions Court for illegal money transfer – Nov 2018
Textiles company charged with 2 counts of illegal money transfer involving RM300,000 – March 2018
Travel Agency in Johor suspected for carrying out illegal retail remittance business activities involving RMRM139,922.89 – April 2018