Hi all, i recently just discover a company that is illegal whereby they all trading forex, however, they register a SSM name under a different name of it original company. Thus i would like to ask am I able to complaine such company even they did not involve in trading forex with local Malaysian, but they are actually set up a company here to contact foreigner to invest in forex. If yes, what will happend to the employee inside work for them both foreigner and local Malaysian, and what's the consequenses of the company. If not, what can I do to prevent the company keep cheating others and recruit new employee as the employee might not they are involve in illegal indrustry or job. Thanks all. Please help.

May I know do you have proof of their wrongdoings?

You should have evidences before you can make complaint right?

I am working inside currently and about to resign, I was same like others was being cheated inside, which I did not know they trading forex at first only after fews week then only I know. So right now I was looking for new job and will leave soon. I was try to prevent others to being cheated.

Beside, what's the prove I need to provide in case I need to launch a complain. Thanks

I'm not sure you can report this to MCMC or not as a scam.

You can gather some kind of information which clearly showing that the company is scamming/cheating.

Let say a person invest USD1000 per account, those money are actually putting into founders' pocket. and then you or someone put some figures on the screen to show that they are actually gaining/losing money in forex investments. Then you should have all that info gathered.

But make sure that you can only do that after you resigned.

I am not sure did or did not the owner scam or cheat of their client, just the indrustry itself is not really legalise in Malaysia. As far as i know, trading forex is only legal to those licence's bank, not the normal company. So I have no idea whether the report will be useful to this kind of industry. Sumore the company do have the HQ in other country and the thing confuse me is that the company use a different name to register SSM licence in Malaysia. That why I do confuse about this company.

they are probably just doing this as a proxy company.. they are not actually doing illegal ba unless they are actually scamming their clients

and how did you get the job without even knowing what the job is about? LOL

Is Forex trading legal in Malaysia?

retail Forex traders operating from Malaysia operating fully legally as long as they are using the services of a Forex broker that is registered, licensed and regulated by the laws and regulations put in place in Malaysia.

https://forex-malaysia.my/is-forex-trading-...al-in-malaysia/

Mostly offshore, then service center open here. So no use you go report too

Try reporting to Bank Negara, this should fall under their jurisdiction.

Even registered financial services get penalized by them if they breach any law e.g. http://www.bnm.gov.my/index.php?ch=en_enfo...en&en_eaindex=1

wondering how u can accept the job without researching / checking out background first..

and the org is probably is just some proxy / cover for main foreign company... they have operation all over the world... having set up companies there...

all you need is sufficient proof, which is difficult to compile if you are not well versed.

report to SSM and BNM

yeah yeah.. plan to setup something like that as well

I believe this website is not the legal authority on forex trading in Malaysia.

yes....but is what was posted in their site not correct in terms of "as long as they are using the services of a Forex broker that is registered, licensed and regulated by the laws and regulations put in place in Malaysia.?"


Bank Negara Malaysia clarified on Thursday that the buying and selling of foreign currency in Malaysia is only allowed with licensed commercial banks, Islamic banks, investment banks and international Islamic banks as provided for under the Exchange Control Act 1953.
Such trading is also allowed with licensed money services business providers (money changers) as provided for under the Money Services Business Act 2011.

Read more at https://www.thestar.com.my/news/nation/2012...98wDQAFX8mcm.99

This post has been edited by MUM: Sep 5 2019, 07:10 PM

Report to Bank Negara.. Can just walk in their building.

Have documentary evidence to show forex trading is being done. Take photos, marketing materials, application forms etc.. N show to BNM. Get full name of the bosses and managers of the forex firm.

Wow, you need some partners?

I think none of the so called online forex trading is legal in Malaysia... consistent with what you posted

What is your job? trade forex for the company? why you think its wrong? they cheat?

can PM me if you want

Lodge the complaint / report to securities commission and bank negara, see what they gonna do. Regulator might start the investigation by paying surprise visit and check out on the company

They was intentionally did not tell the true when I interview, and no doubt I resposible for the mistake as I did not survey properly.

Can I have the website and what's the document I shall prepare ? and what should I do for reporting. Thanks

Website is BNM lo. As for documents, you’ll know once they start asking you.

Might to share the link and what's the step? And any documents need to prepare?

start with this?
Report a Fraud or Get Help
If you have any information pertaining to illegal financial schemes, or are a victim of such schemes and want to seek advice, you can directly contact our Customer Service Centres:
.......
http://www.bnm.gov.my/microsites/fraudalert/04_help.htm

Smartcurve?

which forex???