KUALA LUMPUR: Bank Negara Malaysia (BNM) had, on July 22 2024, imposed an Administrative Monetary Penalty (AMP) of RM88,000 on Bank of China (Malaysia...
: Bank Negara Malaysia had, on July 22 2024, imposed an Administrative Monetary Penalty of RM88,000 on Bank of China Bhd for failure to comply with the prudential requirements applicable to the material outsourcing arrangements.In a statement, the Central Bank said BOCM failed to obtain BNM’s prior approval in relocating two of its systems to new data centres in December 2022 and February 2023, in breach of paragraph 48 of the Financial Services Act 2013 read together with paragraph 12.
Under the Outsourcing PD, a financial institution is required to obtain BNM’s written approval before significantly modifying any existing approved material outsourcing arrangement. This is to ensure BNM’s continued ability to effectively supervise financial institutions.
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