Latest news with #RM493
New Straits Times
07-08-2025
- Business
- New Straits Times
Local councils owe SWCorp RM493mil in fees
KUALA LUMPUR: Local councils have yet to pay RM493 million owed to the Solid Waste Management and Public Cleansing Corporation (SWCorp) for rubbish collection and street cleaning services already carried out. Ipoh Timur member of parliament Howard Lee said the arrears have built up over the years and are now affecting SWCorp's ability to pay its contractors. He told the Dewan Rakyat that the debts stem from a 2011 agreement, under which the federal government took over domestic waste management in several states. Under the deal, local councils were required to make annual payments into a federal fund managed by SWCorp. "Rubbish has been picked up, the streets cleaned, but the money never came," he said during the debate on the 13th Malaysia Plan. States currently under the national waste management system include Kuala Lumpur, Putrajaya, Johor, Melaka, Negri Sembilan, Pahang, Kedah and Perlis. Lee, who sits on SWCorp's board, urged the federal government to compel councils to raise their monthly repayments and begin clearing their debts. For councils unable to afford repayments, he proposed intervention by their respective state governments. He also suggested options such as soft loans, asset sales, or making full repayment part of their 2026 budgets. Lee said the federal government had already stepped in this year with RM8 million in grants to assist eight local councils with repayments. To ensure accountability, he called on the Housing and Local Government Ministry to impose penalties on councils that continue to default.
BusinessToday
28-05-2025
- Business
- BusinessToday
Bank Negara Penalises BPMB RM493,500 For Non-Compliance
Bank Negara Malaysia had imposed an Administrative Monetary Penalty amounting to a total of RM493,500 on Bank Pembangunan Malaysia Berhad (BPMB) for not following non-compliance guidelines on customer due diligence (CDD) and sanctions screening requirements. BPMB was imposed RM229,500 under the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions Policy Document. In determining the imposition of the AMP, BNM considered the relevant aggravating and mitigating factors, including: BPMB's failure to take reasonable steps to ensure staff's sufficient understanding of the requirements; BPMB's remedial actions taken to rectify the gaps; and this is BPMB's first AML/CFT non-compliance. The on 7 April 2025, BNM imposed RM264,000 on BPMB for the same offence. o BPMB paid a total of RM493,500 for the AMP imposed by BNM on 5 March (RM229,500) and 16 April 2025 (RM264,000). Related
New Straits Times
28-05-2025
- Business
- New Straits Times
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.
The Star
28-05-2025
- Business
- The Star
Bank Negara 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. - Bernama
