BNM reminds Financial Institutions to observe FSA reporting Obligations
27 December 2016 | Source: Bernama
KUALA LUMPUR, Dec 27 (Bernama) -- Bank Negara Malaysia (BNM) is reminding all financial institutions to observe reporting obligations imposed under the Financial Services Act 2013 (FSA) particularly on the requirement to promptly notify the central bank of any significant findings.

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.....

Bernama

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.

Notice: The Publishers of MLTIC acknowledge the permission granted by the relevant official/original source for the reproduction of the above/attached materials. You shall not reproduce the above/attached materials in whole or in part without the prior written consent of the Publishers and/or the original/official source. Neither the Publishers nor the official/original source will be liable for any loss, injury, claim, liability, or damage caused directly, indirectly or incidentally to errors in or omissions from the above/attached materials. The Publishers and the official/original source also disclaim and exclude all liabilities in respect of anything done or omitted to be done in reliance upon the whole or any part of the above/attached materials. The access to, and the use of, MLTIC and contents herein are subject to the Terms of Use.