Malaysia

Conduct, Culture & Accountability

SC Malaysia Fines Grant Thornton and Audit Partner

By Nithya Subramanian | 28/08/2024

The Audit Oversight Board found a Grant Thornton audit partner was involved in the audit of a PIE for more than seven years.

Operational Risk

BNM Fines Bank of China’s Malaysia Unit for Outsourcing Violations

By Nithya Subramanian | 26/08/2024

BNM said the bank did not obtain prior approval before relocating core banking systems to new data centres.

Anti-Money Laundering

Nevada Regulator Files Suit Against Subsidiary of Malaysia’s Genting

By Nithya Subramanian | 23/08/2024

The regulator accused Resorts World Las Vegas, a subsidiary of Malaysia’s Genting Berhad, of permitting bets by individuals tied to organised crime.

Fraud, Scams & Cybercrime

BNM Launches Integrated Platform to Help FIs Combat Fraud

By Jaya Prakash Balakrishnan | 22/08/2024

The platform allows automated fund tracing and recovery, information sharing and collaboration, and data-driven mule assessments.

Cybersecurity

Malaysia’s SC Implements Revised Technology Risk Management Rules

By Nithya Subramanian | 20/08/2024

The revised guidelines include new requirements on reporting to the SC, performing cyber security assessments, and conducting penetration testing.

Anti-Money Laundering

Singapore, Malaysia Dismantle Money Laundering Syndicate

By Nithya Subramanian | 20/08/2024

Malaysian police arrested 12 individuals for suspected money laundering using Singapore bank accounts. One of the individuals was charged in Singapore this week.

Payments & Settlements

BNM Expands Qualified Resident Investor Programme

By Ranamita Chakraborty | 20/08/2024

The QRI programme was initially launched as a pilot initiative in April to encourage FX inflows into the domestic market.

Structural Regulation

Malaysia SC Calls on VC/PE Firms to List on Public Register

By Ranamita Chakraborty | 19/08/2024

VC/PC intermediaries that are not yet listed on the public register must contact the SC within 14 days to avoid potential deregistration.

Alternative Markets

SC Malaysia Launches New Initiative to Boost Agri-Business Financing

By Nithya Subramanian | 19/08/2024

GROWMatch will tap into equity crowdfunding and P2P financing platforms to support MSMEs in the agri-business sector.