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What is illegal remittance?

Illegal remittance is sending money overseas through companies that are not authorised by Bank Negara Malaysia 1 to conduct such business. There are no money-back guarantees if you deal with illegal remittance agents.

The usual characteristics of illegal remittance agents are:
  • They normally operate on a small scale

  • They claim that they are able to provide remittance services efficiently, without the need for any documents or identification

  • They rarely use documents to validate and verify the transactions


If you want to send money overseas, either for yourself or on behalf of someone, do not use an illegal remittance agent. Your money may not reach its destination. Use an authorised remittance agent (e.g. a bank) instead for safety.

References
  1. The official website of Bank Negara Malaysia


Reprinted with permission from BankingInfo (A Consumer Education Programme)


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Knowledge Base ID :   1190
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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