News & Reviews:   bank negara

As Malaysians are being scammed nearly every day and public trust in our banking systems have plummeted, Bank Negara Malaysia (BNM) was recently reported as announcing that all Financial Institutions like Banks must bear the full responsibility for fraud or scams due to lapses in security. Read more here.

Bank Negara Malaysia (BNM) in a statement revealed that it had, on 22 July 2024, imposed an Administrative Monetary Penalty (AMP) of RM88,000 on Bank of China (Malaysia) Bhd (BOCM). The AMP was due to BOCM’s non-compliance with the prudential requirements applicable to the material outsourcing arrangements.

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 Islamic Bank Bhd) was fined RM760,000.

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.

Bank Negara Malaysia (BNM) through its Annual Report 2023 today revealed that a whopping 11.5 billion e-payment transactions were recorded in our country last year. This is a significant growth compared to the 9.3 billion recorded a year prior.

Bank Negara Malaysia (BNM) has warned Malaysians that sharing bank account passwords or PIN numbers with close friends will increase the risk of online fraud, including being used knowingly or unknowingly as “mule accounts” to perpetrate fraud. Worse, BNM Deputy Governor Jessica Chew Cheng Lian in a statement revealed that Malaysians have been observed to have a low level of digital financial literacy “which is deeply concerning”.

If you regularly watch YouTube and don’t have an ad-blocker turned on, then it’s very likely that you’ve been bombarded with annoying ads by a company called OctaFX offering investment and financial services. Well, as it turns out, OctaFX's aforementioned services and operation were never authorised or approved by Bank Negara Malaysia (BNM).

Today, the Bank Negara Malaysia (BNM) has officially announced five successful applicants for the digital bank licence. If you recall back, a total of 29 applications were sent but only a handful got approved by the Minister of Finance Malaysia.

During the Movement Control Order period, the government announced that every Malaysian citizen will get their financial relief fund via Bantuan Prihatin Nasional payment. However, 6 Malaysians have somehow lost nearly RM300,000 to scammers online through an APK installation via WhatsApp. Today, the Bank Negara Malaysia (BNM) have issued a step by step on how to prevent fro being scammed so here are the steps.