Bank Negara Malaysia (BNM) has raided 22 premises connected to i-Serve Online Mall and its related affiliates in Kuala Lumpur and Selangor for financial crimes. The action resulted in the freezing of 45 bank accounts in seven banks and the seizing of cash totaling RM118.7 million.
The investigation is a joint enforcement action between BNM, the National Anti-Financial Crime Centre, the Securities Commission Malaysia, Companies Commission of Malaysia, Malaysian Anti-Corruption Commission, Royal Malaysia Police, and CyberSecurity Malaysia.
i-Serve Online Mall is a software development company that was founded in 2001. They have since created kiosks for Eastman Kodak, Nokia, and AirAsia, as well as several digital payment apps such as Zapp and UPayMe. They apparently even run AirAsia’s service centres.
BNM said that i-Serve Online Mall is suspected of committing various offences, including under the Financial Services Act 2013 (FSA) and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
The central bank also reminded the public to only place deposits or investments with parties that are licensed or registered with the relevant authorities. “Under Section 137(1) of the FSA, it is an offence for any person to accept deposits without a licence,” it said.
(Source: The Edge Markets)