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Malaysian central bank penalizes financial company over ringgit trade fixing

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Malaysian central bank penalizes financial company over ringgit trade fixing

Bank Negara Malaysia took action against an unnamed financial institution for failing to promptly notify the regulator of a significant audit finding in relation to its dealers fixing the U.S. dollar-ringgit exchange rate.

The Malaysian central bank said the finding indicates that there were communications between the financial institution's dealers and traders from other foreign financial institutions which included inappropriate references to the fixing rate submission process.

The central bank did not identify the penalty it imposed, but noted that enforcement actions may include monetary penalties, issuance of a written order to comply, making public reprimands and issuance of a written order to mitigate or remedy such breaches. The regulator also reminded all financial institutions to observe reporting obligations, particularly those of significance.