BNM reminds Financial Institutions to observe FSA reporting Obligations
In a statement today, BNM said it has initiated enforcement actions under the FSA against a financial institution for failure to promptly notify BNM of a significant audit finding in relation to its dealers' misconduct involving the fixing of the USD/MYR exchange rate.
"The finding indicates that there were communications with traders from other foreign financial institutions which included inappropriate references to the fixing rate submission process," it said.....
MLTIC works with BERNAMA, the national news agency of Malaysia, to bring you the latest Malaysian legal and tax developments. BERNAMA is one of the country's leading content providers of up-to-the-minute news reports, updates and analysis for newspapers, tv and radio stations, global wire services and the Internet. It provides several services including news-wire and online database services. MLTIC thanks BERNAMA for supporting the Free Access to Law movement in Malaysia.