BNM to publish enforcement actions, starting 2018

KUALA LUMPUR: Bank Negara Malaysia (BNM) will publish enforcement actions taken against financial institutions and intermediaries for non-compliances, with rules and regulations, from January 2018 onwards.
Governor Tan Sri Muhammad Ibrahim said the move will be made with the intention to further increase the impact of enforcement actions as a credible deterrent.
Speaking at the opening of the 9th annual International Conference on Financial Crime and Terrorism Financing (IFCTF) earlier today, Muhammad said BNM will continue to remain firm in ensuring an orderly conduct of the financial system.
“We expect the financial system to adhere to the strong compliance and corporate governance standards. We have not hesitated to impose hefty fines when circumstances warranted such actions,” he said.
“Between 2015 to June 2017, a total of RM115.8 million in fines and penalties were imposed on institutions for breaching our regulations and affecting the integrity of the financial system,” he added.
“The industry needs to be an active and responsible one where all parties have a stake to ensure that the system is not only functional, but thriving,” he said after delivering his keynote address at the conference today.
The action, although have been implemented in stages, have disclosed the number of non-compliance cases and amount of fine, but will not name the companies.
“After this, we will be disclosing all information regarding the breach of regulation. This will also include all agencies, including multinational corporations (MNCs),” he added.
The conference, titled “Future Proofing Compliance: Responsibility and Response-Ability”, was attended by more than 800 participants with places being sold out two weeks, prior to the event.
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