Deputy Finance Minister Lim Hui Ying in Dewan Rakyat today revealed that Bank Negara Malaysia (BNM) is considering taking supervisory actions and imposing penalties on violations of regulatory provisions under its supervision. These include recent incidents of online banking service outages.
According to Bernama, Lim clarified that the appropriate follow-up actions would depend on an assessment of the root cause and impact of the disruptions from the affected institutions. This is according to the Islamic Financial Services Act 2013 (IFSA).
Regarding the recent incidents of online service outages, Lim asserted that BNM had taken immediate actions to instruct the banking institutions involved to determine the root cause of the disruptions and subsequently set appropriate corrective and preventive measures to avoid a recurrence of similar issues. In addition, the banks have been instructed to communicate with affected customers, including responding immediately to any complaints and inquiries caused by the disruptions.
Besides that, the Deputy Finance Minister asserted that BNM is closely monitoring the situation to ensure that the banking institutions involved restore normal banking services as soon as possible, including imposing penalties for recurring disruptions. Under the FSA 2013 and the IFSA 2013, BNM has the authority to impose supervisory and enforcement actions against financial institutions found to be non-compliant with any provision of the relevant policy document.
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