KUALA LUMPUR, Oct 29 — Bank Negara Malaysia (BNM) has raided RSI International Bhd located in Cheras on October 23 for using the word "bank” in their office premises signage without its written approval.

In a statement, BNM said during the raid, relevant documents and computers were seized to assist in the investigation.

"Under section 139(1) of the Financial Services Act 2013, it is an offence for any person to use the word ‘bank’ without written approval unless such person is licensed under this Act to carry on banking business or investment banking business.

"If convicted, the person can be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding RM25 million or to both,” it added. — Bernama