BNM Fines Three Banks RM7.29 Million for Breaches in Compliance and Tech Failures
Bank Negara Malaysia (BNM) has fined three major banks a total of RM7.29 million for breaching regulatory compliance. Bank Islam Malaysia Bhd (BIMB) was fined RM3.445 million for sanction screening failures and service disruptions, under the Islamic Financial Services Act 2013. Bank Rakyat was penalised RM2.85 million under the Development Financial Institutions Act 2002 for similar non-compliance, while Bank Simpanan Nasional (BSN) paid RM995,000. The banks were found to have violated policies on Risk Management in Technology (RMiT) and Anti-Money Laundering protocols. BNM stressed the importance of compliance in ensuring financial system stability and operational resilience.
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