Feb 24 2021, 10:19 AM
QUOTE(xander83 @ Feb 14 2021, 06:16 PM)
Yes if you are following by the book
Only those with CMSL are legally allowed to collect deposits and any disputes can be filed to consumer tribunal for legal protection and civil suit
Otherwise by Polis definition it is scam, money laundering, Macau scam or illegal proceeds which they have the right freeze or frozen the account which is why most of us trading overseas brokerage to bypass this matter if not can be charge under AMLA
i dont think this is completely right.Only those with CMSL are legally allowed to collect deposits and any disputes can be filed to consumer tribunal for legal protection and civil suit
Otherwise by Polis definition it is scam, money laundering, Macau scam or illegal proceeds which they have the right freeze or frozen the account which is why most of us trading overseas brokerage to bypass this matter if not can be charge under AMLA
taking of deposits is under the purview of BNM, surely there's another type of licence issued by BNM.
CMSL or CMSRL are issued by the SC to mainly the investment/merchant banks. SC's role is to uphold the capital market.
am a CMSRL holder
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