Bank Negara reminds financial institutions of their reporting obligations

Kuala Lumpur

FOLLOWING its recent clampdown on the offshore ringgit NDF (non-deliverable forward) market to curb speculative activities on the currency, Bank Negara has reminded financial institutions their reporting obligations under the Financial Services Act 2013 (FSA), which requires them to promptly notify the central bank of any "significant findings."

Bank Negara revealed it had recently initiated enforcement actions under the FSA against a financial institution (FI) for failing to promptly notify it of a "significant audit finding" in relation to its dealers' misconduct involving the fixing of the USD/MYR exchange rate.