MALAYSIA: For breaches since 2023 with service disruption and failures in customer screening for illegal activities, Bank Islam Malaysia was imposed with a total of RM3.44 million (US$809,230) in penalties by BNM. The central bank said a RM1.74 million (US$409,900) fine was imposed for the period of the 1st June 2023 to the 31st December 2024, when Bank Islam Malaysia experienced multiple unplanned downtimes that caused prolonged disruptions to its banking services – including the e-banking channels, debit card system and online payment transactions. Another RM1.7 million (US$399,280) fine was imposed for failure related to screening of existing, potential or new customers against the United Nations Security Council Resolutions list and a domestic persons-of-concern list.
Separately, BNM imposed a RM2.85 million (US$669,600) fine on Bank Kerjasama Rakyat Malaysia and RM995,000 (US$233,850) penalty on Bank Simpanan Nasional – both for banking service disruptions during the same 18-month period.
Restricted Access
Login to continue reading (existing subscriber)
Subscribe NOW and get:
- Gain unlimited access through all key operating platforms
- Full access to all listed Islamic funds & fund profiles
- Unlimited access to all Islamic fund managers
- Access to all exclusive articles, reports, podcasts & videos
- Complimentary access to all IFN Investor Forums
