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Bank Negara takes issue of illegal financial schemes very seriously

May 04, 2017

Bank Negara says it takes the issue of illegal financial schemes very seriously.

The central bank is also warning that will not hesistate to enforce the law against those promoting such schemes, while investors can also face legal action for abetment. 

It's urging members of the public to refer to Bank Negara's financial consumer alert, which lists companies that are not approved to operate.

Separately, Bank Negara is urging payment cardholders to switch to the new PIN-based cards by June 30th. 

This is to enable payments at point-of-sales terminals that only accept PIN-based cards, instead of the signature verification method.