SINGAPORE, Sept 19 — Singapore today warned the public of a fraudulent website soliciting investments in Bitcoins using fabricated comments attributed to Monetary Authority of Singapore (MAS) Chairman, Tharman Shanmugaratnam. Tharman is also the…
KUCHING: ShopBack’s unique business model provides a win-win situation for consumers, partner stores, as well as ShopBack — and it continues to grow thanks to growing market opportunities and constant technology enhancement. This comes as Shopback Malaysia started operations here in February 2015, helping over one million Malaysians to save more than RM25 million to […]
LONDON, Sept 8 — European shares steadied yesterday but suffered their worst week since end March as uncertainty over global trade rippled through markets and investors dumped riskier sectors. The pan-European STOXX 600 benchmark was 0.08 per cent…
AMSTERDAM, Sept 4 ― Dutch bank ING Groep NV admitted criminals had been able to launder money through its accounts today and agreed to pay €775 million (RM4.3 billion) to settle the case. “The shortcomings identified resulted in clients having…
HONG KONG: At least a dozen banks, fintechs and telecom firms are lining up to get a piece of Hong Kong’s retail and small business banking market as the regulator prepares to award the former British colony’s first online-only banking licences. Bidders hoping to challenge the dominance of HSBC and its local rivals, Bank of […]
HONG KONG, Aug 22 — Asian markets mostly rose today before keenly awaited trade talks between China and the United States, while early worries over a double whammy for Donald Trump also eased. While not expecting a major deal when officials from…
KUALA LUMPUR: Bank Negara Malaysia (BNM), which was previously prohibited from disclosing the amount of fine imposed by the central bank on 1Malaysia Development Bhd (1MDB) for non-disclosure of information, has revealed that the fine amounted to RM15 million.
When asked if the amount of fine was ever revealed, newly minted governor Datuk Nor Shamsiah Mohd Yunus (pix) said at a press conference last Friday that at that time BNM was prohibited from revealing the amount of compound imposed.
In April 28, 2016, the embattled state investment fund was fined by BNM for its failure to fully comply with directions under the Financial Services Act 2013.
Shamsiah said BNM, which is a part of the 1MDB investigation task force, has been assisting investigators and related agencies including by looking at money flow.
The taskf orce comprises Bukit Aman Special Branch director Datuk Abdul Hamid Bador, former attorney-general Tan Sri Abdul Gani Patail, and Malaysian Anti-Corruption Commission chief commissioner Datuk Seri Mohd Shukri Abdull and former chief of the anti-graft body, Tan Sri Abu Kassim Mohamed.
Shamsiah was also involved in investigations into 1MDB in her previous stint as deputy governor of BNM, before leaving the central bank in 2016. She returned to Bank Negara as governor in June this year.
On whether there is a need to relook the roles of banks, she said the central bank has stepped up supervision of banks that were seen as not being diligent in carrying out their responsibilities.
“A few banks are putting aside more than hundreds of millions of ringgit to enhance their systems, reskill their staff and trying to protect suspicious transactions. There is a lot of work done by the industry to improve their systems and we have also stepped up our supervision and taken enforcement actions where we think where the banks were not as diligent,” she said.
The Public Accounts Committee (PAC) and the auditor-general will relaunch an investigation into 1MDB following a motion passed by the Dewan Rakyat on Aug 16.
Newly appointed PAC chief Datuk Ronald Kiandee said the continuation of any future probe will be an extension of the previous investigation.
On another note, Shamsiah said, in a bid to strengthen the Anti-Money Laundering Act 2001, BNM is working towards accelerating the adoption of
e-payments which could reduce cash usage in the system and will have greater transparency and lower risk of leakages from illicit activities such as tax evasion and corruption in the economy.
Noting that mobile payment is still new in Malaysia, Shamsiah said it is also the way forward to accelerate Malaysia's migration to e-commerce as more players are coming on board.
The Interoperable Credit Transfer Framework, a shared payment infrastructure connecting banks and non-bank accounts, came into effect on July 1.
ISTANBUL: Turkey’s lira pulled back from an overnight record low of 7.24 to the dollar yesterday after the central bank pledged to provide liquidity and cut lira and foreign currency reserve requirements for Turkish banks. The announcement came after Finance Minister Berat Albayrak said authorities would start implementing an economic action plan on Monday morning, […]
ISTANBUL, Aug 13 — The Turkish lira traded around 6.80 to the dollar, pulling back from a record low of 7.24 overnight, after Finance Minister Berat Albayrak said Turkey would start implementing an economic action plan this morning morning. The…
ISTANBUL, Aug 13 — Turkey has drafted a economic action plan and will start implementing it this morning morning to ease investor concerns, Finance Minister Berat Albayrak said yesterday, after the lira plunged to a new record low in early Asia…