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Malaysia's central bank takes action against firm over ringgit trade

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Bank Negara Malaysia said it was taking action against an unamed financial institution for failing to promptly notify the central bank of a "significant audit finding" related to its dealers' misconduct involving the fixing of the dollar-ringgit exchange rate.

[KUALA LUMPUR] Bank Negara Malaysia said it was taking action against an unamed financial institution for failing to promptly notify the central bank of a "significant audit finding" related to its dealers' misconduct involving the fixing of the dollar-ringgit exchange rate.

The action could include monetary penalties, issuance of a written order to comply, a public reprimand and a written order to mitigate or remedy such breaches, it said in a statement, without naming the financial institution. "The finding indicates that there were communications with traders from other foreign financial institutions which included inappropriate references to the fixing rate submission process,"Bank Negara said in a statement.

The central bank said it viewed such breaches seriously,"especially on financial institutions' involvement with offshore ringgit NDF (non-deliverable forward) market or any activities that relates towards market manipulation."

REUTERS

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