UBB Investment Bank Case Set For Mention On Sept 26

KUALA LUMPUR, Aug 26 (Bernama) -- The Sessions Court here today fixed Sept 26 for further mention of the case involving investment bank UBB Investment Bank Ltd (UBBIB), which was charged with 53 counts of failing to submit Suspicious Transaction Reports (STR) to Bank Negara Malaysia (BNM).

Judge Azrul Darus set the date during the case mention today, which was attended by Deputy Public Prosecutor Siti Suriatey Mohamed Yusoff and lawyer Mohd Haziq Dhiyauddin Razali, representing UBBIB.

On June 26, UBBIB, represented by its chief executive officer, Razlan Raghazli, as the accused, was charged with 53 counts of failing to report to BNM regarding transactions carried out with its clients between 2023 and 2024, which were suspected to involve proceeds from unlawful activities.

All the offences were alleged to have been committed at UBB Investment Bank Ltd’s Marketing Office in Desa Sri Hartamas between January 2023 and December 2024.

The charges were framed under subsection 14(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, punishable under section 86 of the same Act, which carries a maximum fine of RM1 million for each charge, upon conviction.

UBBIB, as a licensed bank under the Labuan Financial Services and Securities Act 2010 [Act 704], was also charged with one count of failing to conduct due diligence before opening an account for a client.

The offence was allegedly committed in 2023 at the UBB Investment Bank Ltd Marketing Office, under section 187(1) of the Labuan Financial Services and Securities Act 2010, read together with section 98(2) of the same Act, which provides for a maximum fine of RM3 million, upon conviction.

The court also fixed the same date (Sept 26) for mention of the case.

-- BERNAMA