Business

Bank Negara to name, shame errant financial institutions

Tan Sri Muhammad Ibrahim

Tan Sri Muhammad Ibrahim

Syndicated News
Written by Syndicated News
KUALA LUMPUR, Oct 4 2017 : Bank Negara Malaysia (BNM) will publish enforcement actions taken against financial institutions and intermediaries for non-compliance with rules and regulations, effective January next year, governor Tan Sri Muhammad Ibrahim said.

He said information that included name of the financial institutions, nature of the offences and the amount of fines and compound imposed would be made transparent at the central bank’s website.

“This is aimed at further increasing the impact of enforcement actions as a credible deterrent,” he said at the 9th International Conference on Financial Crime and Terrorism Financing 2017 here today.

Between 2015 and June 2017, a total of RM115.8 million in fines and penalties were imposed on institutions for breaching BNM regulations and affecting the integrity of the financial system.

Speaking to reporters later, Muhammad said BNM had not hesitated to impose hefty fines when circumstances warranted against financial institutions that did not adhere to compliance and corporate governance standards.

He said ample time had been given to the financial institutions to prepare their systems and people for this eventuality.

The central bank will work with all regulatory agencies such as the Securities Commission, Bursa Malaysia and other enforcement agencies to ensure the integrity of Malaysia’s financial system.

For example, over the last three months, a total of 415 names of individuals who were involved in facilitating financial scams had been shared among financial institutions, he said.

To coordinate and expedite actions against the operators of financial scams, a task force led by the Attorney General’s Chambers had also been established under the National Coordination Committee to Counter Money Laundering, he said. – Bernama

Comments

comments

About the author

Syndicated News

Syndicated News

News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.