Malaysia’s c. bank fines 4 banks for service disruptions

Malaysia’s central bank imposed on Wednesday financial penalties on four banks for prolonged disruptions to their banking services.

Bank Negara Malaysia (BNM) imposed an administrative monetary penalty of 760,000 ringgit ($172,000) on CIMB Bank Berhad and CIMB Islamic Bank Berhad for e-banking service outages on July 29.

A larger penalty of 4.3 million ringgit was levied on Malayan Banking Berhad and Maybank Islamic Berhad for similar service disruptions on the same day.

The penalties were imposed under the Financial Services Act 2013 and the Islamic Financial Services Act 2013.

Attribution: Bank Negara Malaysia Statement 1 and 2

Subediting: Y.Yasser