Bank Negara Malaysia has revoked 41 money-changing licences so far this year.

The enforcement action was taken on money-changers who were found to be in contravention of various provisions of the Money-Changing Act 1998, the central bank said in a statement today.

This includes contravention of Section 30 of the Act, which prohibits money-changers from transferring funds outside Malaysia, whether on their own behalf or on behalf of third parties.

Under the Act, money-changers are only allowed to conduct the business of exchanging foreign currencies against ringgit or against other foreign currencies within Malaysia.

Bank Negara however did not mention about its investigation into a local money changer which was allegedly involved in the transfer of RM10 million to London by Negeri Sembilan Menteri Besar Mohamad Hasan in 2008.

Use proper channels

In the statement, Bank Negara reminded members of the public to use the services offered by commercial banking institutions or the 45 non-bank remittance service providers approved by the central bank to transfer funds abroad.

In Malaysia's more liberalised financial environment, members of the public are free to transfer funds through these authorised entities, it said.

The list of commercial and Islamic banks as well as approved non-bank remittance service providers can be obtained from the Bank Negara website.