Malaysia cbank imposes penalties on 4 banks over service disruptions

KUALA LUMPUR : Malaysia’s central bank said on Wednesday it has imposed penalities on CIMB Bank Berhad, CIMB Islamic Bank Berhad, Malayan Banking Berhad and Maybank Islamic Berhad for prolonged disruptions to their banking services.
Bank Negara Malaysia (BNM) said it imposed an administrative monetary penalty of 760,000 ringgit ($172,000) on CIMB Bank and CIMB Islamic Bank due to prolonged service disruptions affecting their e-banking channels on July 29.
A penalty of 4.3 million ringgit was also imposed on Malayan Banking and Maybank Islamic for a similar offence on July 29, BNM said in a statement.
The penalties fall under the Financial Services Act 2013 and Islamic Financial Services Act 2013, BNM said.
($1 = 4.4200 ringgit)