Bank Negara Malaysia (BNM) penalized four Malaysian financial institutions for failing to comply with data submission requirements under the Financial Services Act 2013 and Islamic Financial Services Act 2013. The institutions, namely Maybank, RHB Bank, Maybank Islamic, and AmInvestment Bank, were fined a total of RM1.66 million for submitting incomplete, inaccurate, or delayed data related to financial and payments, assets, liabilities, cash balances, and borrower credit information.
Bank Negara Malaysia ( BNM ) has imposed administrative monetary penalties (AMP) totalling RM1.66 million on four financial institutions for non-compliance with the Financial Services Act 2013 (FSA) and/or Islamic Financial Services Act 2013 (IFSA). The penalties were imposed on July 22, 2024, due to the institutions' failure to comply with sections 143(3)(b) and 143(4) of the FSA and/or sections 155(3)(b) and 155(4) of the IFSA regarding the submission of information to BNM .
BNM stated that these requirements mandate financial institutions to submit timely, accurate, and complete data as specified in the policy documents. The non-compliances involved late, incomplete, and/or inaccurate submissions of critical data related to financial and payments, external assets and liabilities, cash balance of payments, and borrower's credit information. This failure could potentially impact BNM's analysis, decision-making, and publications.The central bank emphasized the importance of financial institutions submitting accurate and complete statistical data to support BNM's surveillance and policy formulation for safeguarding monetary and financial stability. The data is also crucial for key monetary and financial statistics published by BNM. BNM urged financial institutions to ensure robust internal systems and operational procedures for timely and accurate statistical reporting, effectively resolve data issues at the source, and maintain adequate resources to manage their reporting obligations. BNM noted that common root causes of non-compliance include unresolved issues affecting financial institutions' internal information technology systems, incorrect application of statistical requirements, and inadequate operating procedures. The affected institutions have taken remedial actions to address these issues, including enhancing their systems, strengthening processes for validating submissions, and providing additional staff training. The AMP amounts were determined by considering relevant aggravating and mitigating factors, as well as the representations made by the financial institutions, which include past compliance records and post-misconduct behavior, such as the timely rectification of non-compliance and remedial measures taken
BNM Financial Institutions Penalties Data Submission Compliance Financial Services Act Islamic Financial Services Act
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Bank Negara Malaysia Imposes RM1.66 Million in Administrative Monetary Penalties on Four Financial InstitutionsBank Negara Malaysia (BNM) has imposed Administrative Monetary Penalties (AMP) totaling RM1.66 million on four financial institutions for failing to comply with the Financial Services Act 2013 (FSA) and/or the Islamic Financial Services Act 2013 (IFSA). The penalized institutions are Malayan Banking Bhd. (Maybank), RHB Bank Bhd., Maybank Islamic Bhd., and AmInvestment Bank Bhd. BNM stated that the penalties were issued due to the institutions' failure to comply with sections related to the submission of information to BNM, affecting BNM's analysis, decision-making, and publications.
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BNM Imposes RM1.66mil Penalties on Four Financial Institutions for Non-ComplianceBank Negara Malaysia (BNM) has imposed administrative monetary penalties (AMP) totalling RM1.66 million on four financial institutions for non-compliance with the Financial Services Act 2013 (FSA) and/or Islamic Financial Services Act 2013 (IFSA). The institutions, namely Malayan Banking Bhd (Maybank), RHB Bank Bhd, Maybank Islamic Bhd and AmInvestment Bank Bhd, were penalized for late, incomplete and/or inaccurate submissions of critical data. BNM emphasized the importance of timely and accurate data submissions for its surveillance and policy formulation to safeguard monetary and financial stability.
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