Latest news with #BankKerjasamaRakyatMalaysiaBhd
Malay Mail
30-07-2025
- Business
- Malay Mail
Three banks, RM7m penalties: BNM fines Bank Islam, Bank Rakyat and BSN for tech, anti-money laundering breaches
KUALA LUMPUR, July 30 — Bank Negara Malaysia (BNM) has imposed an administrative monetary penalty (AMP) totalling RM3.445 million on Bank Islam Malaysia Bhd (BIMB) for non-compliance with the Islamic Financial Services Act 2013 (IFSA) and the relevant policy documents. The relevant policy documents include Risk Management in Technology Policy Document (RMiT PD) and Anti-Money Laundering Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions Policy Document (AML/CFT and TFS for FIs PD), the central bank said in a statement today. BNM said BIMB paid RM1.70 million for the AMP imposed on May 29, 2025, for sanction screening breaches and RM1.745 million for the AMP imposed on June 30, 2025, for prolonged service disruptions. Separately, the central bank said it has imposed an AMP of RM2.85 million on Bank Kerjasama Rakyat Malaysia Bhd (BKRM) for non-compliance with the Development Financial Institutions Act 2002 (DFIA) and RMiT PD. It said BKRM paid RM2.85 million for the AMP imposed on June 26, 2025. Apart from that, BNM also said it has imposed an AMP of RM995,000 on Bank Simpanan Nasional (BSN) for non-compliance with the DFIA and RMiT PD. BSN paid RM995,000 for the AMP imposed on June 25, 2025, said BNM. — Bernama
New Straits Times
18-06-2025
- Business
- New Straits Times
Bank Rakyat unveils new scheme for private sector's employees
KUALA LUMPUR: Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) has launched Pembiayaan Peribadi-i Swasta (InstaCash), a new Shariah-compliant personal financing product targeted at private-sector employees. The initiative forms part of the bank's wider strategy offering up to RM50,000 with approval granted within 24 hours. Bank Rakyat chief retail banking officer Khairudin Abdul Rahman said InstaCash is designed to meet the day-to-day financial needs of private-sector workers. "InstaCash comes with competitive profit rates and is structured to support financial wellness among underserved segments, in line with Islamic banking principles. "In just two days since its soft launch, the product has already recorded RM1.3 million in financing disbursed, with 88 applications approved, underscoring the strong early demand," he said at a media engagement today. Khairudin highlighted the application requires minimal documentation, such as salary slips and Employees Provident Fund (EPF) statements, chosen for their reliability and difficulty to forge. "EPF data is harder to fake. If needed, customers can come in, provide a thumbprint and we can verify it instantly through online access. That is part of our risk mitigation strategy," he added. To further streamline the application process, the bank has introduced a QR Brick scan feature, enabling users to initiate their InstaCash application instantly via mobile. Once approved, no guarantor is needed, and customers can sign the financing contract on the same day. Disbursement follows the next morning in accordance with Bank Negara Malaysia's settlement regulations. "This marks a major expansion for the cooperative bank, which currently counts 1.2 million out of Malaysia's 1.6 million civil servants as customers. "With only about 400,000 civil servants left and many already with other banks, it's a saturated space. So it's time we look to the private sector," Khairudin added. Bank Rakyat expects InstaCash to contribute RM130 million in financing by December this year, with an annual target of RM240 million starting from 2026. "If performance and demand are strong, we're open to expanding the facility. But all changes will go through a review cycle for six months, or a year," Khairudin said.
