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Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
BNM imposes over RM4.9m in fines on HSBC, Maybank Islamic, and Bank Pembangunan for regulatory breaches
BANK Negara Malaysia (BNM) has slapped hefty penalties exceeding RM4.9 million on three major financial institutions for breaches involving customer due diligence, sanctions screening, and credit reporting. HSBC Bank Malaysia Bhd (HBMY) and HSBC Amanah Malaysia Berhad (HBMS) were fined a combined RM3.26 million for repeated failures to comply with anti-money laundering (AML), counter-terrorism financing, and sanctions screening requirements. BNM's on-site reviews found that HSBC did not properly verify beneficial owners of customers and repeatedly failed to conduct timely sanctions screening during customer onboarding, despite earlier remedial efforts. These lapses, it said, put the financial system at risk of abuse for terrorism and proliferation financing. 'The remedial measures implemented by HSBC were insufficient, resulting in similar breaches which recurred in 2024,' said BNM. HSBC has since upgraded its systems to block account openings until sanctions screening is completed. Maybank Islamic Bhd was fined RM1.2 million for submitting inaccurate and late data to the Central Credit Reference Information System (CCRIS), affecting credit records of borrowers. Accurate CCRIS reporting is crucial to ensure fair credit assessments and prevent wrongful loan denials. BNM noted the issue 'affected the accuracy of credit reports in the CCRIS system.' Maybank Islamic has implemented measures to prevent recurrence. Bank Pembangunan Malaysia Bhd received penalties totalling RM493,500 for shortcomings in customer due diligence and sanctions screening, including failure to identify beneficial owners properly and delays in screening customers against updated sanctions lists. BNM said these lapses were caused by staff's inadequate understanding and internal control gaps. BPMB has taken steps to strengthen its compliance and employee training. These enforcement actions reflect BNM's commitment to ensuring the integrity and resilience of Malaysia's financial sector. 'The enforcement actions taken are in line with our approach and are aimed at promoting sound risk management practices in the financial sector,' said BNM. BNM urged all financial institutions to prioritise accurate credit reporting, rigorous customer due diligence, and effective sanctions screening to protect the financial system from abuse and maintain public trust. — TMR
Barnama
26-05-2025
- Business
- Barnama
Twelve-time Winner: PruBSN Maintains Top Spot In Family Takaful At MTA Awards
KUALA LUMPUR, May 26 (Bernama) -- Prudential BSN Takaful Berhad (PruBSN) has once again been named Malaysia's Best Takaful Operator – Family Takaful Agency Business for its 12th consecutive year at the Takaful Star Awards 2025, hosted by the Malaysia Takaful Association (MTA). In a statement issued today, PruBSN said that this continued recognition reaffirms the company's commitment to excellence in the Family Takaful segment since its establishment in 2006. Over the past two decades, the company has demonstrated consistent growth, offering Shariah-compliant protection solutions that are accessible and relevant to the evolving needs of Malaysians. According to PruBSN chief executive officer Wan Saifulrizal Wan Ismail, the company remains committed to offering affordable, high-quality protection, despite inflation and a 16 per cent annual increase in medical claims costs between 2021 and 2023. 'Despite these challenges, we remain committed to offering quality protection solutions that strike the right balance between affordability and comprehensive coverage. 'We continue to focus on sustainable innovation – enhancing value for our customers without compromising coverage and the quality of protection. Through continuous education, we ensure our customers are empowered to make informed decisions,' he said in the statement. Wan Saifulrizal also mentioned that in 2024, PruBSN had disbursed a total of RM1.2 billion across all claims, reflecting the company's dedication to supporting customers during times of need. Its growing portfolio includes products such as PruBSN AnugerahMax, Asas360, Medik Asas, Crisis TotalCare, Medic TotalCare and Health360, all tailored to address rising healthcare demands and financial uncertainties. Driven by its core principle of Ta'awun (mutual assistance), PruBSN also champions community-focused initiatives like the Microtakaful Jariyah programme, which offers free coverage for B40 income segment. Since its inception, the initiative has reached over 188,000 individuals with close to RM5 million in claims paid out.
Borneo Post
26-05-2025
- Business
- Borneo Post
Warisan calls for Cabinet White Paper on underperforming GLCs
Loretto KOTA KINABALU (May 26): Parti Warisan has called for greater transparency and accountability in the management of government-linked companies (GLCs) and state agencies in Sabah, proposing the tabling of a Cabinet White Paper in the State Legislative Assembly if given the mandate to govern. Warisan Secretary-General Datuk Loretto Padua Jr. said the party is aware of growing discussions among stakeholders regarding the underperformance of Sabah's GLCs, which have failed to meet the objectives for which they were established. 'We welcome any effort to improve and enhance the performance of GLCs in Sabah because they have a responsibility to assist the State Government. This includes contributing through annual dividend payments and helping stimulate economic activities in the state,' he said in a statement today. However, he stressed that meaningful reform must begin with transparency. 'Before any form of empowerment is introduced, the government should issue a Cabinet White Paper on underperforming GLCs and problematic state agencies, and table it at the State Legislative Assembly,' he said. Loretto explained that such a move would allow the people of Sabah including NGOs, students, academics, economists, business associations and the general public to understand the real reasons behind the failures of these entities, and the corrective measures that will be taken. 'Transparency is important because the best watchdogs in this state are the people of Sabah themselves not those appointed by the Chief Minister from the ruling party or coalition,' he added. He also said that the presentation of a White Paper would demonstrate the government's genuine commitment to reform, aligning with the findings of the National Audit Department as highlighted in the annual Sabah Audit Report. 'It must not be a matter of issuing statement after statement to cover up poor governance,' said Loretto. He further called for the National Audit Committee to investigate troubled GLCs to prevent ongoing financial leakages. 'Given the current economic challenges, the government must practise prudent spending, and all unnecessary overseas trips should be stopped immediately.' Loretto outlined that if Warisan returns to power, it would table the Cabinet White Paper within six months, covering key issues including: · RM5 billion in non-performing loans borne by Sabah Development Bank (SDB) and the existence of 'creative accounting' practices; · The cancellation of land concessions previously held by Sabah Forest Industries (SFI), now awarded to three Peninsular Malaysia-based companies; · The worsening water and electricity supply crises in Sabah, including alleged overcharging by water lorry contractors; · The RM1.2 billion debt bailout of Sabah International Petroleum (SIP) through the issuance of RM900 million Sukuk Wakalah by SMJ Energy Sdn. Bhd.; and · Other matters raised by Warisan and the opposition that remain unanswered by the current GRS/PH administration.
The Sun
20-05-2025
- Business
- The Sun
US tariffs seen having limited impact on Sarawak
KUCHING: The reciprocal tariffs imposed by the United States have had limited impact on Sarawak's economy, a state official said on Tuesday. Sarawak Deputy Minister for International Trade, Industry and Investment Datuk Malcolm Mussen Lamoh said the state's exports to the US totalled RM1.2 billion in 2023, contributing just 0.9 per cent to overall exports. The main export to the US was ferroalloy. 'Sarawak's main exports consist of liquefied natural gas (LNG), petroleum, palm oil and aluminium. These exports amounted to RM102.6 billion in 2023 and contributed 78.4 per cent to Sarawak's total exports. 'Our main export market is Asia, which accounted for 73.4 per cent of overall exports. This new tariff is expected to have minimal direct impact on Sarawak,' he said during the question-and-answer session at the Sarawak State Assembly sitting today. Mussen was responding to a question from GPS-Engkilili assemblyman Dr Johnichal Rayong, who asked about the impact of the reciprocal tariffs imposed by the US on Sarawak's economy. According to Mussen, the tariffs have limited impact on the state's economy primarily due to the export destinations of Sarawak's key commodities. LNG is predominantly exported to Japan and China; palm oil is mainly sent to China and India; and petroleum exports are largely concentrated in Peninsular Malaysia, Australia and Thailand. 'As a result, Sarawak's trade flows remain resilient, supported by its trade relations, which are more focused on other countries,' he said. Meanwhile, Mussen said Sarawak would continue to refine its economic policies by adapting to global trade dynamics, in line with proactive measures taken by the Federal Government to address the impact of the reciprocal tariffs. He said these measures include strengthening trade partnerships, diversifying export markets, enhancing supply chain resilience, investing in strategic industries, and exploring bilateral trade agreements to safeguard economic stability.
Borneo Post
20-05-2025
- Business
- Borneo Post
US tariff expected to have limited direct impact on Sarawak's economy, says deputy minister
Mussen speaks during the DUN sitting today. – Photo by Sarawak Public Communications Unit KUCHING (May 20): Sarawak is adapting its economic policies to navigate the challenges posed by the recent introduction of reciprocal tariffs by the US, said Datuk Dr Malcolm Mussen Lamoh. The International Trade Industry and Investment Deputy Minister stated that the new 24 per cent reciprocal tariff on Malaysian imports into the US, set to take effect after a 90-day postponement from April 9 to July 8, 2025, has raised concerns but is expected to have a limited direct impact on Sarawak's economy. 'Sarawak's exports to the US amounted to RM1.2 billion in 2023. These total exports only contributed 0.9 per cent to Sarawak's total exports, with the main product being ferro alloy,' he said in response to a question from Johnical Rayong Ngipa (PDP-Engkelili) during the Sarawak Legislative Assembly (DUN) sitting today. Mussen stated that Sarawak's main exports consist of liquefied natural gas (LNG), petroleum, palm oil and aluminium. 'The exports amounted to RM102.6 billion in 2023 which contributed 78.4 per cent to Sarawak's total exports. 'Our main export market is Asia, which contributed 73.4 per cent to the overall export market. This new tariff is expected to have minimal direct impact on Sarawak,' he said. Mussen emphasised that Sarawak will continue to refine its economic policies by adapting to global trade dynamics, in line with proactive measures taken by the federal government to address the impact of the reciprocal tariff. Among the measures are strengthening trade partnerships, diversifying export markets while enhancing supply chain resilience, investing in strategic industries, and exploring bilateral trade agreements to safeguard economic stability. Mussen also said that a National Geoeconomic Command Centre (NGCC) has also been established to formulate a comprehensive strategy to mitigate the impact of the US tariff on Malaysia's economy and key sectors. 'Malaysia will continue strategic high-level engagement with the US, and the Ministry of Investment, Trade and Industry (Miti) will utilise the Malaysia-US Trade and Investment Framework Agreement (TIFA) to address these concerns. 'Sarawak will continue to capitalise on its strengths and foster deeper partnerships to enhance resilience and sustain growth despite market uncertainties,' he said. economic policies lead Malcolm Mussen Lamoh US tarrifs
