Malaysia

Securities / Derivatives

Malaysia to Require PLCs to Hold Hybrid or Physical AGMs

By Nithya Subramanian | 02/09/2024

The SC and Bursa Malaysia said more than 50% of PLCs are still holding fully virtual AGMs even after the end of the pandemic.

Enforcement

Malaysia’s EPF Seeks Travel Restrictions on 635 Company Directors

By Nithya Subramanian | 02/09/2024

The directors will be prohibited from leaving Malaysia due to failure to pay the required contributions to their employees’ EPF accounts.

AML / KYC

Swiss Court Sentences Two to Jail for Defrauding 1MDB

By Manesh Samtani | 29/08/2024

Two executives of an oil exploration company known as PetroSaudi were sentenced for defrauding 1MDB out of more than $1.8bn.

Enforcement

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.

Enforcement

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.

AML / KYC

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.

AML / KYC

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.

Fintech / Regtech

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.

AML / KYC

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.