Bank Negara Malaysia announced today that it has imposed penalties on two major banks, Maybank and CIMB, on 29 July 2024 for prolonged service disruptions.
The fines in question were due to the banks' non-compliance with paragraph 48 of the Financial Services Act 2013 , paragraph 58 of Islamic Financial Services Act 2013 Policy Document.
BNM found that Maybank failed to promptly recover from unexpected system disruptions, with its platform and MAE app experiencing multiple unplanned downtime between 1 June 2023 to 31 May 2024. As a result, the bank has been fined RM4,320,000 for these offences, which it paid on 8 August 2024.
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