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Payments & Settlements
Malaysia Works to Enable Real-time Cross-border Payments
By Editors | 10/08/2020
A cross-border link between Singapore’s PayNow and Thailand’s PromptPay will extend to Malaysia’s DuitNow, a BNM official said.
Anti-Money Laundering
Malaysia Jails Eight Over Illegal Deposit-taking Scheme
By Editors | 05/08/2020
Eight individuals were sentenced to between three and nine years’ jail. Total fines issued, including against three companies, amount to $310mn.
Cloud & Infrastructure
Malaysia Launches New Initiative to Boost Fintech Development
By Editors | 04/08/2020
The Fintech Booster programme is expected to spur a more dynamic fintech ecosystem that can facilitate continued innovation in the financial services sector.
Credit Risk
BNM: Banks Agree on Flexible Approach to Loan Repayments
By Editors | 29/07/2020
As the blanket loan moratorium announced in March is due to end, banks have agreed to provide borrowers various repayment flexibilities depending on their specific circumstances.
Payments & Settlements
BNM Issues Draft Rules on Merchant Acquiring Services
By Editors | 22/07/2020
The exposure draft sets out regulatory requirements for merchant acquiring services to ensure proper risk management amid rapid changes in the e-payments landscape.
KYC & CDD
BNM e-KYC Policy for Customer Onboarding Takes Effect
By Editors | 30/06/2020
Financial institutions have the freedom to decide on any combination of methods to identify and verify customers through e-KYC, but prior BNM approval is required.
Fraud, Scams & Cybercrime
UPDATED – Wirecard Fraud: A Timeline of Events
By Editors | 30/06/2020
Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.
Liquidity Risk
BNM: Banks Can Use Govt Bonds to Meet Reserve Requirement
By Editors | 05/05/2020
The move is expected to release about $3.7mn of liquidity into the banking system. BNM has also cut its overnight policy rate to the lowest level since 2009.
Credit Risk
BNM Faces Backlash Over Revised Moratorium Guidance
By Editors | 03/05/2020
The initial version of BNM’s FAQs appeared to suggest that no extra interest would be charged on hire-purchase loans under deferment, but a revised illustration shows interest can accrue.
Anti-Money Laundering
Malaysia: BNM to Implement New Currency Law
By Editors | 08/04/2020
BNM will continue to consult on an economy-wide cash transaction limit, which it will be able to implement under the Currency Act 2020.
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