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Malaysian central bank fines unnamed financial institution 1.4M ringgit

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Malaysian central bank fines unnamed financial institution 1.4M ringgit

Malaysia's central bank imposed a 1.4 million ringgit fine on an unnamed financial institution that was found to have failed to report a significant audit finding about its dealers' misconduct involving the fixing of the U.S. dollar/ringgit exchange rate.

Bank Negara Malaysia's Jan. 24 statement came less than a month after it initiated enforcement actions under the Financial Services Act 2013 against the financial institution. The central bank said the financial institution has paid the penalty.

In addition, the central bank said it ordered the company to address shortcomings in internal controls to ensure timely notification of material findings and review existing internal policies, procedures and practices as well as to put in place robust surveillance mechanisms to prevent market abuse behavior.

As of Jan. 24, US$1 was equivalent to 4.44 Malaysian ringgit.