COMPANY UPDATE: 26th JANUARY 2024
1.0 Recent Statement published by Bank Negara Malaysia
We wish to express our sincere gratitude to Bank Negara Malaysia (“BNM”) for their recent statement dated 22nd January 2024, concerning QMSB. We greatly appreciate their diligence and commitment to ensuring transparency and stability in Malaysia’s financial landscape. We wholeheartedly concur with BNM’s observations and reassure our stakeholders of our unwavering dedication to full compliance and cooperation with the regulatory authorities.
Pursuant to BNM’s recent disclosures, QMSB is classified as a reporting entity under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). This categorization arises from our involvement in transactions of precious metals and stones, as specified in item 24, Part 1 of the First Schedule of the AMLA. This classification aligns us with compliance requirements analogous to those imposed on other non-financial sectors including lawyers, accountants, trust companies, and company secretaries.
As a result of the recent clarification from BNM, we want to highlight that any funds coming into the country, except those meant explicitly for exceeding certain limits in offshore borrowing, do not need any prior verification and approval from BNM. This aligns with the guidelines set out in the Foreign Exchange Policy Notices. We want to clarify that QMSB has not made any claims regarding being licensed by BNM.
QMSB is not an investment entity but a dedicated platform for gold trading. Our primary focus is facilitating gold trading transactions for our clients, providing them a secure and efficient medium to engage in the market.
2.0 Consultant Code of Conduct
At QMSB, we place immense emphasis on the continual professional development of our consultants. Our rigorous oversight of the consultants’ code of conduct assures adherence to the highest standards of ethics and professionalism in all client interactions.
3.0 Compliance with the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
We affirm our unwavering commitment to adhering to all guidelines and regulations outlined in The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). Recognizing the gravity of our role in thwarting money laundering and terrorism financing, we have instituted stringent internal policies and mechanisms to identify, prevent, and report any activities that may contravene AMLA mandates.
4.0 Deterrent Measures
We, at Quantum Metal Sdn Bhd, place paramount importance on the dissemination of accurate and transparent information. It is our policy that any member of our team, including consultants, found to be involved in the distribution of misleading or false information, will face strict and decisive corrective measures. This policy is a cornerstone of our commitment to maintaining an environment of integrity and accountability.
Furthermore, we express our sincere gratitude for the unwavering support of our partners and stakeholders. Your trust and cooperation are invaluable to us. We pledge to maintain open and consistent communication, ensuring you are regularly informed about the ongoing progress and milestones achieved by QMSB. Our dedication to mutual growth and success remains steadfast
Yours sincerely,
From the Management of
QUANTUM METAL SDN BHD
