KUALA LUMPUR: The Malaysian Association of Money Services Business (MAMSB) is cautioning the public to be vigilant about illegal money changers or remittance operators.

The association had on Monday reminded the public that it was against the law to deal with illegal money changers or remittance operators and to avoid being cheated.

MAMSB urged the public to only deal with the 430 licensed money service business providers operating at more than 1,000 premises. The list of licensed money changers and remittance services providers can be obtained from Bank Negara Malaysia website.

MAMSB added the public could also visit its website to get more details on money services. “Apart from the licensees, there are also 289 approved money services agents.  The services of the licensed money services business providers and their approved agents are regulated and are very efficient at reasonable cost,” it said.

MAMSB said all licensed money changers and remittance services providers who are members of MAMSB would have the association’s logo at their business premises.  Their signboard must also clearly specify the type of money services businesses they are licensed under the Money Services Business Act 2011.

Sumber : http://www.thestar.com.my/business/business-news/2014/12/15/association-warns-about-illegal-money-changers/