Both of the banks were imposed administrative monetary penalty by Bank Negara (BNM) resulting in fines. The penalties were for allowing their banking services to be unavailable over the specified time.<\/p>\n
Malayan Banking Bhd was fined RM4,320,000. Meanwhile, CIMB Group Holdings Bhd was imposed a RM760,000 fine.<\/p>\n
These penalties were for non-compliance with the Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA).<\/p>\n
According to BNM, financial institutions must ensure their relevant critical systems are designed for high availability under this Act, specifically<\/p>\n
(a) cumulative unplanned downtime that affects user interface must not be more than four hours on a rolling 12-month basis; and<\/p>\n
(b) maximum tolerable downtime of 120 minutes per incident.<\/p>\n
BNM stated that “between 1 June 2023 and 31 May 2024, Maybank\u2019s Regional Mobile Banking Platform (RMBP) and MAE applications experienced multiple unplanned downtime”.<\/p>\n
The statement added\u00a0 that this caused prolonged disruptions in several banking services interface with customers and counterparties.<\/p>\n
As for CIMB, BNM stated that “it was found that CIMB\u2019s non-compliance resulted from lapses in the execution of its response and recovery process to restore the disrupted systems promptly”. This had impacted the availability of essential banking services for its customers and counterparties.<\/p>\n
In announcing these fines, BNM stated that all financial institutions are expected to maintain a high level of their technology resilience against operational disruptions. This is to ensure the continuous availability of essential financial services.<\/p>\n
The central bank also added that it will not not hesitate to take appropriate supervisory and enforcement actions when financial institutions fall short of regulatory expectations.<\/p>\n
Sources: 1<\/a>, 2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The fines were for non-compliance with the Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA).<\/p>\n","protected":false},"author":1,"featured_media":49119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28,216,29],"tags":[522,348,1107,403,982],"class_list":["post-64695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fixed-deposit","category-news-updates","category-savings-account","tag-bnm","tag-cimb","tag-malaysia","tag-maybank","tag-news"],"acf":[],"yoast_head":"\n