Bank Negara Malaysia imposes administrative monetary penalties of up to RM 750,000 on four institutions for late and inaccurate data submissions

Bank Negara Malaysia (BNM) published that it imposed Administrative Monetary Penalties on four financial institutions for non-compliance with requirements on submitting information to BNM under the Financial Services Act 2013 and/or the Islamic Financial Services Act 2013, read together with reporting obligations in the STATsmart, External Sector Statistics (ESS) and Central Credit Reference Information System (CCRIS) policy documents. The breaches related to late, incomplete and/or inaccurate submission of critical data on financial and payments, external assets and liabilities, cash balance of payments and borrowers’ credit information. Common root causes included unresolved internal IT system issues, incorrect application of statistical requirements and inadequate operating procedures; remedial actions included system enhancements, strengthened submission validation processes and additional staff training, with erroneous submissions fully rectified and not affecting BNM’s aggregate data releases for the relevant reporting periods. Penalties were RM 750,000 each on Malayan Banking Berhad and RHB Bank Berhad, RM 150,000 on Maybank Islamic Berhad and RM 10,000 on AmInvestment Bank Berhad, and were determined with reference to aggravating and mitigating factors including past compliance records and post-misconduct rectification; the actions arose from the same reporting cycle as BNM’s earlier enforcement published on 6 May 2024 against 14 other financial institutions.