Enforcement Actions taken by BNM against Regulatees / Licensees
|
Date of Action Taken |
Institution |
Provision Contravened |
Nature of Offence |
Action Taken |
Remarks |
Publication Notice / Press Release |
| 28 August 2024 | BSB Darussalam Sdn. Bhd. | S.74 and S.75(1)(b) of Money Services Business Act 2011 read together with paragraphs 14C.4(a) and 14C.12.1 of the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions Policy Document | Failure to conduct customer due diligence | Administrative Monetary Penalty 每 RM30,600 | The institution has taken remedial steps to prevent the recurrence of the non-compliance | |
| 3 September 2024 | Bank Pertanian Malaysia Berhad (Agrobank) | S.41(4) of Development Financial Institutions Act 2002 read together with paragraphs 27.4.1, 27.4.2, 28.3.1 and 28.3.2 of the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions Policy Document | Failure to conduct timely sanctions screening on its customers and beneficial owners | Administrative Monetary Penalty 每 RM660,000 | The institution has taken remedial steps to prevent the recurrence of the non-compliance | |
| 22 July 2024 | Bank of China (Malaysia) Berhad | S.48(1)(a) of Financial Services Act 2013 read together with paragraph 12.1(b) Outsourcing Policy Document | Failure to obtain approval from Bank Negara Malaysia (BNM) before making significant modification to its existing material outsourcing arrangement | Administrative Monetary Penalty 每 RM88,000 | The institution has taken remedial steps to prevent recurrence of the non-compliances | |
| 29 July 2024 | Malayan Banking Berhad | S.48(1)(a) of Financial Services Act 2013 read together with paragraph 10.32 of the RMiT Policy Document. | Failure to ensure unplanned downtime for critical systems that affect user interface does not exceed specified time thresholds. | Administrative Monetary Penalty 每 RM2,160,000 | The institutions have taken remedial steps to prevent the recurrence of non-compliance | |
| Maybank Islamic Berhad | S.58(1)(a) of Financial Services Act 2013 read together with paragraph 10.32 of the RMiT Policy Document. | Administrative Monetary Penalty 每 RM2,160,000 | ||||
| 29 July 2024 | CIMB Bank Berhad | S.48(1)(a) of Financial Services Act 2013 read together with paragraph 10.32 of the Risk Management in Technology (RMiT) Policy Document. | Failure to ensure unplanned downtime for critical systems that affect user interface does not exceed specified time thresholds. | Administrative Monetary Penalty 每 RM380,000 | The institutions have taken remedial steps to prevent the recurrence of non-compliance | |
| CIMB Islamic Bank Berhad | S.58(1)(a) of Financial Services Act 2013 read together with paragraph 10.32 of the RMiT Policy Document. | Administrative Monetary Penalty 每 RM380,000 | ||||
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22 April 2024 |
People＊s Corner Sdn. Bhd. |
S.27(1) of the Money Services Business Act 2011 read together with the paragraph 5(a) of Money Services Business (Duties of Licensee) Regulations 2012 |
Failure to issue money changing receipts to customers |
Compound 每 RM12,000 |
The institution has taken remedial steps to prevent recurrence of the non-compliance |
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|
11 June 2024 |
S.74(3) of Money Services Business Act 2011 read together with paragraph 14C.12 of the Anti-Money Laundering, Counter Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions Policy Document |
Failure to conduct customer due diligence (CDD) |
Administrative Monetary Penalty 每 RM12,000 |
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| 29 January 2024 | Habib Jewels Sdn. Bhd. |
Section 14(1)(b) of AMLA read together with Anti- Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Designated Non-Financial Businesses and Professions (DNFBPs) and Non-Bank Financial Institutions (NBFIs) Policy Document |
Failure to promptly submit suspicious transaction reports (STR) |
Compound 每 RM96,250 | The institution has taken remedial steps to prevent recurrence of the non- compliance | P.N. 02/2024 |
| 30 January 2024 |
CIMB Bank Berhad |
S143(3)(b) and S143(4) of the Financial Services Act 2013 (FSA) or S155(3)(b) and S155(4) of the Islamic Financial Services Act 2013 (IFSA) read together with requirements under the following policy documents: a) STATsmart Reporting 每 Financial, Compliance and Industry Specific Data (STATsmart PD) issued on 1 June 2022; b) External Sector Statistics (ESS) System 每 Submission of International Transactions and External Position Information Policy Document (ESS PD) issued on 31 January 2022 and revised on 1 November 2022; and c) Central Credit Reference Information System (CCRIS) 每 Requirements on the Submission, Usage and Protection of Credit Information (CCRIS PD) issued on 29 January 2021. |
Failure to comply with Statistical Reporting requirements |
Administrative Monetary Penalty 每 RM600,000 |
The institutions have taken remedial steps to prevent recurrence of the non-compliance |
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HSBC Bank Malaysia Berhad |
Administrative Monetary Penalty 每 RM600,000 |
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Bank Muamalat Malaysia Berhad |
Administrative Monetary Penalty 每 RM600,000 |
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Bank Islam Malaysia Berhad |
Administrative Monetary Penalty 每 RM600,000 |
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Bank of America Malaysia Berhad |
Administrative Monetary Penalty 每 RM600,000 |
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Citibank Berhad |
Administrative Monetary Penalty 每 RM360,000 |
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Affin Bank Berhad |
Administrative Monetary Penalty 每 RM120,000 |
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United Overseas Bank(M) Berhad |
Administrative Monetary Penalty 每 RM120,000 |
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OCBC Bank (M) Berhad |
Administrative Monetary Penalty 每 RM120,000 |
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Affin Islamic Bank Berhad |
Administrative Monetary Penalty 每 RM120,000 |
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CIMB Islamic Bank Berhad |
Administrative Monetary Penalty 每 RM120,000 |
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Al-Rajhi Banking and Investment Corporation (M) Berhad |
Administrative Monetary Penalty 每 RM40,000 |
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MBSB Bank Berhad |
Administrative Monetary Penalty 每 RM40,000 |
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MIDF Amanah Inv. Bank Berhad |
Administrative Monetary Penalty 每 RM8,000 |
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| 18 May 2023 | TNG Digital Sdn. Bhd. (TNGD) |
S48(1)(a) of Financial Services Act 2013 read together with Anti-Money Laundering and Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions policy document (AML/CFT and TFS for Fis PD). S48(1)(a) of Financial Services Act 2013 read together with Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions Policy Document |
Failure to conduct sanctions screening on the names of its customers Failure to ascertain and make further enquiries that its customer matched with the United Nations Security Council Resolutions List or the Minister of Home Affairs Domestic List |
Administrative Monetary Penalty 每 RM 600,000 | The institution has taken remedial steps to prevent recurrence of the non-compliance | P.N. 07/2023 |
| 29 December 2022 | MPI Generali Insurans Berhad (MPGB) | S48(1)(a) of Financial Services Act 2013 read together with Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions Policy Document | Failure to conduct sanctions screening prior to onboarding of new customers | Administrative Monetary Penalty 每 RM 260,000 | The institution has taken remedial steps to address the sanction screening lapses | P.N. 06/2023 |
| 12 April 2022 | Mandiri International Remittance Sdn. Bhd. | S74(3) of Money Services Business Act 2011 read together with Anti-Money Laundering and Counter Financing of Terrorism 每 Money Services Business (Sector 3) Policy Document | Failure to identify and verify the beneficial owners (BOs) for the remittance transactions | Administrative Monetary Penalty 每 RM 134,400 | The institution has taken remedial steps to prevent recurrence of the non-compliance | P.N. 05/2023 |
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14 November 2022 |
MCIS Insurance Berhad |
S48(1)(a) of Financial Services Act 2013 read together with Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions Policy Document |
Failure to conduct sanctions screening prior to onboarding of new customers |
Administrative Monetary Penalty - RM132,000 |
The institution has taken remedial steps to address the sanction screening lapses |
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07 October 2022 |
Takaful Ikhlas Family Berhad |
S58(1)(a) of Islamic Financial Services Act 2013 read together with Anti-Money Laundering and Counter Financing of Terrorism 每 Insurance and Takaful (Sector 2) Policy Document
|
Failure to conduct sanctions screening Failure to flag high-risk customers＊ certificates
|
Administrative Monetary Penalty - RM612,000 |
The institution has taken remedial steps to address the sanction screening lapses |
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27 September 2022 |
Co-opbank Pertama Malaysia Berhad |
S291(2) of Islamic Financial Services Act 2013 |
Failure to maintain loss loan coverage ratio (LLCR) of minimum 100% at all times |
Administrative Monetary Penalty - RM828,000 |
The institution has taken remedial steps to prevent recurrence of the non-compliance |
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01 March 2022 27 September 2022 |
Wawasan Ilham (M) Sdn. Bhd. |
S27(1) of Money Services Business Act 2011 read together with Money Services Business (Duties of Licensees) Regulations 2012 |
Failure to issue money changing receipts to customers |
Compound - RM151,200 |
The institution has taken remedial steps to prevent recurrence of the non-compliance |
|
| S74(3) of Money Services Business Act 2011 read together with Anti-Money Laundering and Counter Financing of Terrorism 每 Money Services Business (Sector 3) Policy Document | Failure to conduct customer due diligence (CDD) | Administrative Monetary Penalty - RM12,600 | ||||
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22 February 2019 17 May 2019 |
CIMB Bank Berhad |
S. 133(1) of Financial Services Act 2013 (FSA)
S. 48(1)(a) of FSA read together with the Management of Customer Information and Permitted Disclosures Policy Document |
Disclosure of customer information to third party
Failure to comply with standards issued by the Bank |
Compound -RM6,400,000
Administrative Monetary Penalty 每 RM3,400,000 |
The institutions had taken remedial steps to ensure the safety of customer information. |
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22 February 2019 17 May 2019 |
CIMB Islamic Bank Berhad |
S. 145(1) read together with S. 261 of the Islamic Financial Services Act (IFSA)
S.58(1)(a) of IFSA read together with the Management of Customer Information and Permitted Disclosures Policy Document |
Disclosure of customer information to third party Failure to comply with standards issued by the Bank |
Compound 每 RM3,200,000
Administrative Monetary Penalty 每 RM1,700,000 |
The institutions had taken remedial steps to ensure the safety of customer information. |
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14 January 2019 |
J.P. Morgan Chase Bank Berhad |
S. 50(1) of Financial Services Act 2013 read together with Paragraph 8.1(b) of the Single Counterparty Exposure Limit (SCEL) Policy Document |
Failure to comply with the single counterparty exposure limit |
Administrative Monetary Penalty - RM2,700,000
Order to do - To conduct a holistic review on the adequacy and effectiveness of its internal SCEL policy and procedures |
The institution has taken remedial steps to reduce its exposure within the regulatory limits. |
