Proprietor fined RM65,000 for operating remittance business without licence

SEREMBAN: An owner of a money transfer business was sentenced to a day's jail and fined a total of RM65,000 by the sessions court here today on two counts of operating the business without a licence.
Judge Junaidah Mohd Isa handed down the sentence on Mohd Reezudeen Abdul Salam, 27, who pleaded guilty to both charges.
Mohd Reezudeen, who is the sole proprietor of Fathima Warisan Enterprise, located at Giant Senawang, was charged with operating the remittance business without a licence between Aug 4 and 17 last year.
He was sentenced to a day's jail and fined RM50,000, in default a month's jail, for the offence.
The charge, under Section 4(1) of the Money Services Business Act 2011, provides a maximum fine of RM5 million, or imprisonment for up to 10 years, or both, upon conviction.
Mohd Reezudeen was also charged under Section 23 (10) of the same law with using the words "Kiriman Wang Ke Indonesia" without prior written approval from Bank Negara at the same place and time and was fined RM15,000, in default a week's jail, for the offence.
In mitigation, Mohd Reezudeen, unrepresented, said he did not know that he had been conducting an unlawful business until the premises was raided and that he had been unemployed since and was taking care of his diabetic parents.
Officers from Bank Negara Chan Wei Heng, Kesinee Aiyalu and Tan Pheng Chew prosecuted. — Bernama