Bank Negara Malaysia (BNM) has today conducted raids on two suspected illegal money changing operators in Johor Bharu. Since the implementation of the Money Changing Act on 25 September 1998, BNM has conducted 20 raids in Kuala Lumpur, Penang, Selangor and Langkawi as a result of complaints made by members of the public. These raids aimed to protect the interest of members of the public, tourists and the licensed money changers.

Under the Money Changing Act 1998 (Act), it is an offence to conduct money changing business without being licensed by BNM. Section 4 of the Act provides for a fine of up to RM100,000 or 5 years jail or both for those convicted for conducting illegal money changing business.

To protect their own interest, members of the public are reminded to obtain their foreign exchange services only from licensed money changers and authorised dealers, which are commercial banks (including bureau de changes set up by the banks), and Bank Islam Malaysia Berhad, to ensure that they receive genuine foreign currency notes and proper receipts.

Owners of buildings and complexes are also advised to let out their premises only to licensed money changers. Owners of buildings who, in full knowledge, continue to let out their premises to illegal money changing operators may be charged for abetting the illegal operations.