BNM imposes penalties on four financial institutions for regulatory breaches
KUALA LUMPUR: Bank Negara Malaysia (BNM) has imposed an administrative monetary penalty on four banks, namely Bank Pembangunan Malaysia Bhd (BPMB), HSBC Bank Malaysia Bhd, HSBC Amanah Malaysia Bhd and Maybank Islamic Bhd for various breaches of financial regulations.
In a statement, the central bank said it has imposed an administrative monetary penalty amounting to 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.
It has also imposed an administrative monetary penalty of RM3.26 million on HSBC Bank Malaysia Bhd for non-compliances related to customer due diligence and sanctions screening requirements, as well as on HSBC Amanah Malaysia Bhd for non-compliances.
The penalty was issued for non-compliance with the Financial Services Act 2013, the Islamic Financial Services Act 2013, and requirements pertaining to the Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing, and Targeted Financial Sanctions for Financial Institutions.
BNM also highlighted that it had, on March 3, 2025, imposed a penalty of RM1.2 million on Maybank Islamic Bhd for non-compliance with section 155(3)(b) of the Islamic Financial Services Act 2013.
The penalty was issued for non-compliance with the Islamic Financial Services Act 2013 and Central Credit Reference Information System Policy Document, said the central bank.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
French rabbi tells of two attacks in one week as hate crimes rise
PARIS (Reuters) - A French rabbi was attacked on Friday for the second time in a week, he told Reuters, reflecting a broad rise in hate crimes across France that has included high-profile anti-Semitic assaults. Elie Lemmel said he was sitting at a cafe in the Paris suburb of Neuilly-sur-Seine on Friday when he was hit in the head by a chair. "I found myself on the ground, I immediately felt blood flowing," he said. He was stunned and unsure what exactly had happened, he said, initially thinking something must have fallen from a window or roof, before it occurred to him he had been attacked. "Unfortunately, given my beard and my kippah, I suspected that was probably why, and it's such a shame," he said. Friday's incident follows another in the town of Deauville in Normandy last week, when Lemmel said he was punched in the stomach by an unknown assailant. Lemmel said he was used to "not-so-friendly looks, some unpleasant words, people passing by, spitting on the ground," but had never been physically assaulted before the two attacks. The prosecutor's office in Nanterre said it had opened an investigation into the Neuilly attack for aggravated violence and that a person was being held for questioning. It said it could not provide further details. "This act sickens us," former Prime Minister Gabriel Attal wrote on X regarding Friday's incident involving Lemmel. "Antisemitism, like all forms of hatred, is a deadly poison for our society." Last week, five Jewish institutions were sprayed with green paint in Paris. "I condemn in the strongest possible terms the anti-Semitic attack that targeted a rabbi in Neuilly today. Attacking a person because of their faith is a shame. The increase in anti-religious acts requires the mobilization of everyone," Interior Minister Bruno Retailleau said in a post on X. France has seen a rise in hate crimes. Last year, police recorded an 11% rise in racist, xenophobic or antireligious crimes, according to official data published in March. The figures did not include a breakdown by attacks on different religions. (Reporting by Gabriel Stargardter, Antony Paone, Dominique Vidalon; Editing by Hugh Lawson)
New Straits Times
5 hours ago
- New Straits Times
Former MACC chief questions legality of second seizure of Ilham Tower
Former Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Dzulkifli Ahmad has questioned the legality of the second seizure of Ilham Tower, suggesting the move may exceed the bounds of Malaysian law. Now a practising lawyer, Dzulkifli pointed out that the asset had already been seized under Section 38(1) of the MACC Act on Dec 18, 2023. He said action under Section 38 requires the Deputy Public Prosecutor (DPP) to be satisfied that the asset in question - Ilham Tower - either constitutes the proceeds of, or is evidence related to, a corruption offence. "If no charges are brought or civil forfeiture proceedings initiated before June 17, 2025 - the end of the statutory 18-month period - it raises a fundamental question as to whether the original seizure was justified," he said in a statement today. Dzulkifli, the MACC's third chief commissioner, added that although the MACC Act and the Anti-Money Laundering Act (AMLA) operate under different legal frameworks, two overlapping seizure orders on the same property may be seen as an overreach of authority. "This is because legal powers must be exercised based on necessity, fairness, and proportionality," he said. It was reported yesterday that Ilham Tower, located on Jalan Binjai, had once again been seized by MACC. The commission said it had obtained approval from the DPP to seize the building, which is linked to the late former finance minister Tun Daim Zainuddin. According to the agency, the latest seizure was carried out via an Immovable Property Seizure Notice dated June 4, 2025, under Section 51(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA). Dzulkifli said enforcement actions must be grounded in clear legal thresholds, not procedural convenience. "If AMLA is invoked merely to maintain control of the asset as the earlier MACC order nears expiry, it may undermine the rule of law and call into question the legitimacy of the original seizure," he said. He also noted that the absence of further action by June 18 would suggest that Ilham Tower was never genuinely linked to a corruption offence under the MACC Act. "This raises a critical question: why is there now a need for a new seizure order under Section 51 of AMLA? What new evidence, if any, justifies this action?" he asked. He added that the Ilham Tower case presents a significant test of how far enforcement and prosecutorial powers may be exercised within the law. "With the June 17 deadline approaching, all eyes are on the DPP's next move. Will there be a charge? Forfeiture? Or will the order lapse - signalling that the asset was wrongly targeted from the outset?" he said.
The Star
8 hours ago
- The Star
QuickCheck: Are scammers posing as Bank Negara personnel to issue arrest warrants?
Social media posts have gone viral, claiming that some individuals were issued with arrest warrants from Bank Negara. Are scammers misusing the Bank Negara name and logo to trick victims into transferring money for investigative reasons? Verdict: TRUE 'Do not be fooled by scammers misusing Bank Negara Malaysia's (BNM) name and logo, and impersonating as BNM officers with fake arrest warrants. 'BNM DOES NOT instruct the public to transfer money or ask for personal banking details for investigation purposes,' the Johor police said on its official Facebook on Friday (June 6).
