Focus

BNM fines Maybank, CIMB for prolonged service disruptions

In separate statements, the central bank reported that Maybank paid the full penalty for the AMP imposed on Aug 8, while CIMB settled its penalty on Aug 12, 2024.

14 Aug 2024 06:26pm
Bank Negara Malaysia (BNM) has imposed an Administrative Monetary Penalty (AMP) of RM4.32 million on Malayan Banking Bhd and Maybank Islamic Bhd, and RM760,000 on CIMB Bank Bhd and CIMB Islamic Bank Bhd due to prolonged disruptions in several banking services.
Bank Negara Malaysia (BNM) has imposed an Administrative Monetary Penalty (AMP) of RM4.32 million on Malayan Banking Bhd and Maybank Islamic Bhd, and RM760,000 on CIMB Bank Bhd and CIMB Islamic Bank Bhd due to prolonged disruptions in several banking services.

KUALA LUMPUR - Bank Negara Malaysia (BNM) has imposed an Administrative Monetary Penalty (AMP) of RM4.32 million on Malayan Banking Bhd and Maybank Islamic Bhd, and RM760,000 on CIMB Bank Bhd and CIMB Islamic Bank Bhd due to prolonged disruptions in several banking services.

In separate statements, the central bank reported that Maybank paid the full penalty for the AMP imposed on Aug 8, while CIMB settled its penalty on Aug 12, 2024.

"The AMP was imposed due to non-compliance with paragraph 48(1)(a) of the Financial Services Act 2013 (FSA) and paragraph 58(1)(a) of the Islamic Financial Services Act 2013 (IFSA), in conjunction with paragraph 10.32 of the Risk Management in Technology (RMiT) Policy Document," BNM stated.

Paragraph 10.32 of the RMiT Policy Document mandates that financial institutions ensure their critical systems are designed for high availability.

Specifically, cumulative unplanned downtime affecting user interfaces must not exceed four hours over a rolling 12-month period, with a maximum tolerable downtime of 120 minutes per incident.

Maybank's regional mobile banking platform and MAE applications experienced multiple unplanned downtimes between June 1, 2023 and May 31, 2024, resulting in significant disruptions to customer and counterparty interfaces.

BNM also noted that CIMB’s customers faced prolonged service disruptions on April 8 - 9, 2024, affecting e-banking channels, ATMs, and both debit and credit card services. These disruptions exceeded the thresholds set by BNM.

In response, CIMB acknowledged the central bank's decision and expressed regret over the unplanned downtime, which impacted its customers and counterparties during those dates.

"Whilst the bank, together with its third parties, took necessary steps to ensure that the downtime was minimised, the incident affected our customers’ banking transactions, and we acknowledge that we need to strive to do better,” it added.

CIMB also affirmed its commitment to investing in technology, systems, and processes to enhance resilience and ensure its critical infrastructure can consistently meet customers’ needs. - BERNAMA

Bank Negara Malaysia
BNM
Maybank
CIMB
service disruption
bank
CIMB Islamic
More Like This
DUPP chief Datuk Ahmad Yahaya said the implementation of the public caning punishment handed by the Terengganu Syariah Court adhered to clear legal provisions and did not contradict the state's jurisdiction under List II of the Ninth Schedule of the Federal Constitution.
DUPP chief Datuk Ahmad Yahaya said the implementation of the public caning punishment handed by the Terengganu Syariah Court adhered to clear legal provisions and did not contradict the state's jurisdiction under List II of the Ninth Schedule of the Federal Constitution.
National Syariah caning punishment ensures justice, not humiliation, DUPP tells Suhakam
By IZWAN ROZLIN
27 Dec 2024 10:06am
It (public caning) should be viewed in the context of punishment that fosters remorse in the offender and serves as a deterrent for society to avoid committing similar offences in the future.
City police chief Datuk Rusdi Mohd Isa - FILE PIX / ROSLI TALIB
City police chief Datuk Rusdi Mohd Isa - FILE PIX / ROSLI TALIB
National UM lecturer, students among seven questioned over cat deaths
The carcass of a cat, found on Dec 21, was handed over to the police by an animal rights activist and has been sent to a veterinary laboratory for examination and autopsy.
The new tariff schedule with a base tariff of 45.62 sen per kilowatt-hour for Peninsular Malaysia under Regulatory Period 4 (RP4) is proposed to be implemented starting July 1, 2025, Tenaga Nasional Bhd said today.
The new tariff schedule with a base tariff of 45.62 sen per kilowatt-hour for Peninsular Malaysia under Regulatory Period 4 (RP4) is proposed to be implemented starting July 1, 2025, Tenaga Nasional Bhd said today.
National TNB proposes to impose higher base tariff for Peninsular Malaysia for 2025-2027
TNB said the regulatory rate of return has been maintained at 7.3 per cent as per RP3 and this would enable the utility firm to make essential investments in the industry, ensuring a continuous and reliable electricity supply to meet growing demand.
A generator room supplying electricity to the Tuanku Ja'afar Hospital here caught fire earlier this afternoon.
A generator room supplying electricity to the Tuanku Ja'afar Hospital here caught fire earlier this afternoon.
National Lorry accident causes fire at HTJ generator room
The fire was caused by a lorry, believed to be carrying construction materials, which snagged an electrical cable, causing the cable pole to collapse.