Summary
- Bank Negara imposes combined RM552,000 penalty on two AmBank entities.
- Banks failed to submit required cash transaction reports within the prescribed period.
- Both institutions have paid penalties and implemented corrective measures.
KUALA LUMPUR, October 29 — Bank Negara Malaysia has fined AmBank and AmBank Islamic a combined RM552,000 for failing to promptly submit mandatory cash transaction reports.
The central bank imposed penalties of RM276,000 on each institution on September 10 following reporting failures linked to technology implementation and inadequate system oversight.
Both banks identified the breaches internally and subsequently submitted the missing reports. They also strengthened reporting procedures, internal controls and compliance monitoring.
To prevent similar incidents. Bank Negara confirmed both penalties were paid on September 22 and warned financial institutions against failing to meet anti-money laundering requirements.
