Malaysia central bank imposes penalties on 4 banks over service disruptions

Malaysia’s central bank said on Wednesday (Aug 14) it has imposed penalities on CIMB Bank, CIMB Islamic Bank, Malayan Banking and Maybank Islamic for prolonged disruptions to their banking services.

Bank Negara Malaysia (BNM) said it imposed an administrative monetary penalty of RM760,000 (S$226,175) on CIMB Bank and CIMB Islamic Bank due to prolonged service disruptions affecting their e-banking channels on July 29.

A penalty of RM4.3 million was also imposed on Malayan Banking and Maybank Islamic for a similar offence on July 29, BNM said in a statement.

The penalties fall under the Financial Services Act 2013 and Islamic Financial Services Act 2013, BNM said. REUTERS