KUALA LUMPUR, May 24 ― Bank Negara Malaysia (BNM) has conducted a raid on Axios Group Sdn Bhd as the company was suspected to have committed an offence under section 139(1)(a) of the Financial Services Act 2013 (FSA) for using the word “bank” in their office premise signage located in Cheras and websites without written approval from the central bank.
In a statement today, BNM said during the raid, relevant documents and computers were seized to assist in the investigation.
“Under section 139 (1) of the FSA, 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, where 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 said.
The central bank said members of the public are advised to be wary of unlicensed companies that use the word “bank” without its prior written approval and should refer to licensed financial institutions listed on BNM’s website. ― Bernama
