BNM Fines 14 Malaysian Financial Institutions for Data Reporting Failures

BNM Fines 14 Malaysian Financial Institutions for Data Reporting Failures

by May 7, 2024

Bank Negara Malaysia (BNM) imposed fines on 14 financial institutions on 30 January 2024, for not adhering to the Financial Services Act 2013 (FSA) and the Islamic Financial Services Act 2013 (IFSA).

These fines were due to failures in submitting timely, accurate, and complete data as required under several policy documents including STATsmart Reporting, External Sector Statistics (ESS) System, and Central Credit Reference Information System (CCRIS).

These submissions are critical for BNM’s surveillance and policy decisions, affecting the compilation of monetary and financial statistics.

The fines also reflect each institution’s past compliance record and subsequent efforts to rectify the non-compliances, which included system improvements and staff training.

The financial institutions fined include CIMB Bank Berhad, HSBC Bank Malaysia Berhad, Bank Muamalat Malaysia Berhad, Bank Islam Malaysia Berhad, Bank of America Malaysia Berhad, Citibank Berhad, Affin Bank Berhad, United Overseas Bank (Malaysia) Berhad, OCBC Bank (Malaysia) Berhad, Affin Islamic Bank Berhad, CIMB Islamic Bank Berhad, Al-Rajhi Banking and Investment Corporation (Malaysia) Berhad, MBSB Bank Berhad, and MIDF Amanah Investment Bank Berhad.

The penalties ranged from RM 8,000 to RM 600,000 based on the severity and nature of the non-compliance.

The enforcement action taken by BNM is in line with the approach and processes outlined in the recently published Enforcement Approach document.

Administrative Monetary Penalties (AMP) paid by the financial institutions


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