4 banks fined nearly RM5mil over regulatory breaches
Bank Negara Malaysia said the fines were issued for breaches of financial regulations committed by the four financial institutions.
KUALA LUMPUR : Bank Negara Malaysia (BNM) has imposed administrative monetary penalties totalling RM4.95 million on Bank Pembangunan Malaysia Bhd (BPMB), HSBC Bank Malaysia Bhd, HSBC Amanah Malaysia Bhd, and Maybank Islamic Bhd for breaches of financial regulations.
The central bank said it imposed an administrative monetary penalty of RM493,500 on BPMB for non-compliance with provisions under the Development Financial Institutions Act 2002 as well as the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions (AML/CFT & TFS) Policy Document.
In a statement, BNM said it also imposed an administrative monetary penalty of RM3.26 million on HSBC Bank and HSBC Amanah for non-compliances.
The penalties were issued for non-compliance with the Financial Services Act 2013, Islamic Financial Services Act 2013 and requirements pertaining to the AML/CFT & TFS policy document.
BNM also said it imposed a penalty of RM1.2 million on Maybank Islamic on March 3 for non-compliance with Section 155(3)(b) of the Islamic Financial Services Act 2013.
The penalty was also issued for non-compliance with the Central Credit Reference Information System Policy Document, said the central bank.
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