Bank Negara Malaysia (BNM) in a statement today revealed that it has fined both Maybank and CIMB for prolonged disruptions in several banking services. Maybank (Malayan Banking Bhd and Maybank Islamic Bhd) was fined RM4.32 million, while CIMB (CIMB Bank Bhd and CIMB Bank Bhd) was fined RM760,000.
BNM added that the Administrative Monetary Penalty (AMP) was imposed due to non-compliance with paragraph 48(1)(a) of the Financial Services Act 2013 (FSA) and paragraph 58(1)(a) of the Islamic Financial Services Act 2013 (IFSA), in conjunction with paragraph 10.32 of the Risk Management in Technology (RMiT) Policy Document. For context, Paragraph 10.32 of the RMiT Policy Document mandates that financial institutions ensure their critical systems are designed for high availability.
BNM mandated that cumulative unplanned downtime affecting user interfaces must not exceed four hours over a rolling 12-month period, with a maximum tolerable downtime of 120 minutes per incident. For Maybank, the AMP was imposed due to the bank’s regional mobile banking platform and MAE applications experienced multiple unplanned downtimes between 1 June 2023 and 31 May 2024 which resulted in significant disruptions to customer and counterparty interfaces.
Meanwhile, CIMB’s AMP was imposed due to prolonged service disruptions from 8 to 9 April 2024, affecting e-banking channels, ATMs, and both debit and credit card services. Both banks’ disruptions exceeded the thresholds set by BNM.
In separate statements, BNM said that Maybank paid the full penalty for the AMP imposed on 8 August 8. As for CIMB, it settled its penalty on 12 August 2024.
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