Wednesday, 25 January 2017

BNM takes action against which financial institution?

Article on Bank Negara's website:

Bank Negara Malaysia Takes Enforcement Action Under Financial Services Act 2013

One snippet:

Pursuant to Bank Negara Malaysia’s (the Bank) press release dated 27 December 2016, the Bank wishes to announce that a financial institution has been imposed an administrative monetary penalty of RM1,400,000 for failure to promptly notify the Bank of a significant audit finding in relation to its dealers’ misconduct involving the fixing of the USD/MYR exchange rate.

Why does BNM not simply mention the name of the financial institution? Surely a healthy dose of transparency goes a long way.

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