malaysia - Banking & Finance - News

World's First Crypto Currency Guarantee against Theft

KUALA LUMPUR, Apr 18 (Bernama) - In a world's first, GoldCrypto will protect and guarantee its cryptocurrency tokens from any theft through hacking.
Date: 18 April 2018; Type: Industry Updates; Source: Bernama

Bursa Malaysia launches Intraday Short-Selling for all Investors

KUALA LUMPUR, Apr 16 (Bernama) - Bursa Malaysia Bhd has introduced Intraday Short-Selling (IDSS) for all investors as part of the exchange's strategy to boost market liquidity.
Date: 16 April 2018; Type: Industry Updates; Source: Bursa Malaysia

Foreign Insurers can't choose Alternative Initiatives for Divestment

KUALA LUMPUR, Apr 15 (Bernama) - Foreign insurers, who have repatriated about RM16.5 billion between 2008 and 2017 in the form of dividends but didn't contribute as much as expected for the development of the domestic industry, can't choose alternative initiatives with their promise to divest stake, said Bank Negara Malaysia (BNM).
Date: 15 April 2018; Type: Legal News; Source: Bernama

BNM to introduce Minimum Standards for Mobile Payments

KUALA LUMPUR, Apr 11 (Bernama) - Bank Negara Malaysia (BNM) will introduce minimum standards for the nascent but growing area of mobile payments in the coming months to enhance consumer protection.
Date: 11 April 2018; Type: Legal News; Source: Bernama

Bursa Malaysia Securities publicly reprimands Seacera Group Berhad for Breach of the Main Market Listing Requirements

KUALA LUMPUR, Apr 4  - Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded Seacera Group Berhad (SEACERA) in respect of the company’s fourth quarterly report for the financial year ended 31 December 2016 (QR Dec 2016) announced on 28 February 2017 which was in contravention of paragraph 9.16(1 ...
Date: 04 April 2018; Type: Legal News; Source: Bursa Malaysia

Bursa Malaysia to enhance Regulatory Framework for CIS, Business Trusts

KUALA LUMPUR, Apr 2 (Bernama) - Bursa Malaysia Securities Bhd plans to enhance the regulatory framework for listed Collective Investment Schemes (CIS) and business trusts under the Main Market Listing Requirements (Main LR).
Date: 02 April 2018; Type: Legal News; Source: Bernama

BNM foils Unauthorized Fund Transfers

KUALA LUMPUR, Mar 29 (Bernama) - Bank Negara Malaysia (BNM) has not experienced any financial loss in a cybersecurity incident involving attempted unauthorised fund transfers using falsified Society for Worldwide Interbank Financial Telecommunication (SWIFT) messages.
Date: 29 March 2018; Type: Industry Updates; Source: Bernama

BNM outlines Factors to improve Economic Complexity

KUALA LUMPUR, Mar 28 (Bernama) - Bank Negara Malaysia (BNM) outlines talent, financing, infrastructure and regulations as four key pillars to increase the country's economic complexity, which allows Malaysia to further diversify product mix and maximise the opportunities for the nation in the highly-dynamic global environment.
Date: 28 March 2018; Type: Industry Updates; Source: Bernama

Act pre-emptively to address Vulnerabilities, Risks, Imbalances - BNM Governor

KUALA LUMPUR, Mar 28 (Bernama) - Continued vigilance together with the ability and will to act pre-emptively to address the build-up of vulnerabilities, risks and imbalances are critical to secure Malaysia's growth prospects, says Bank Negara Malaysia (BNM) Governor Tan Sri Muhammad Ibrahim.
Date: 28 March 2018; Type: Industry Updates; Source: Bernama

BNM to continue Engagement on developing fit-for-purpose Insurance Regulations

KUALA LUMPUR, Mar 28 (Bernama) - Bank Negara Malaysia (BNM) will continue to engage the insurance and takaful industry on developing fit-for-purpose regulations.
Date: 28 March 2018; Type: Legal News; Source: Bernama

Court of Appeal jails Ex-Director for furnishing False Statements to Stock Exchange

The Court of Appeal on Friday, 23 March 2018, dismissed an appeal by former director of LFE Corporation Bhd (LFE), Alan Rajendram a/l Jeya Rajendram, against his conviction for furnishing false statements to Bursa Malaysia Securities Bhd (Bursa) in 2007.
Date: 26 March 2018; Type: Legal News; Source: Securities Commission

Dewan Rakyat approves RM7.1-bln Supplementary Supply Bill 2018

KUALA LUMPUR, Mar 26 (Bernama) - The Dewan Rakyat today approved the Supplementary Supply Bill (2017) 2018 seeking an additional RM7.123 billion by a majority vote after it was debated at the policy stage.
Date: 26 March 2018; Type: Legal News; Source: Bernama

BNM to launch Revised Takaful Operational Framework

KUALA LUMPUR, Mar 24 (Bernama) - Bank Negara Malaysia (BNM) will undertake further groundwork to strengthen the takaful industry and create an environment that fosters innovation, facilitated by a revised takaful operational framework.
Date: 24 March 2018; Type: Legal News; Source: Bernama

Bursa Malaysia Securities reprimands, fines and suspends Foo Boon Meng for Misconducts/Violation of Rules

KUALA LUMPUR, Mar 14 - Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded, imposed a fine of RM29,100 and suspended/restricted (as the case may be) Foo Boon Meng (FOO) for 3 months as/from being a Registered Person of Bursa Malaysia Securities which is deferred for 2 years (Deferred Suspension), for eng ...
Date: 14 March 2018; Type: Legal News; Source: Bursa Malaysia

SC open to Blockchain Technology Review, sees Potential Usage

KUALA LUMPUR, March 15 (Bernama) - The Securities Commission Malaysia (SC) is open on the need to review blockchain technology and sees a lot of its potential usage in the capital market and solutions.
Date: 15 March 2018; Type: Legal News; Source: Bernama

BNM urges Public to register into eCCRIS to monitor Credit Standing

KUALA LUMPUR, March 14 (Bernama) - Bank Negara Malaysia (BNM) has encouraged the public to register into the online Central Credit Reference Information System (eCCRIS) to enable them to access the personal report of their credit standing at their convenience.
Date: 14 March 2018; Type: Legal News; Source: Bernama

BNM cautions Public on Cryptocurrency Platform

KUALA LUMPUR, March 12 (Bernama) - Bank Negara Malaysia (BNM) does not authorise or endorse the Coinzer, a cryptocurrency platform.
Date: 12 March 2018; Type: Legal News; Source: Bernama

AOB reprimands Two Auditors for breaching Auditing Standards

The Securities Commission Malaysia’s Audit Oversight Board (AOB) has publicly reprimanded two auditors, Sathiea Seelean A/L Manickam of Morison Anuarul Azizan Chew (MAAC) and Tan Poh Ling, a former partner of MAAC, for failing to comply with the International Standards on Auditing when auditing the financial statements of a Public Interest En ...
Date: 05 March 2018; Type: Legal News; Source: Securities Commission

Former Security Guard jailed, fined RM2 Million for defrauding KOPRO of RM350,000 over Share Purchase

KUALA LUMPUR, Feb 28 (Bernama) - A senior citizen was sentenced to a total of 24 months' jail and fined RM2 million after he pleaded guilty to two counts of fraud in connection with the purchase of Proton Holdings Berhad shares by Koperasi Pelaburan Pekerja Proton Berhad (KOPRO) involving RM350,000 11 years ago.
Date: 28 February 2018; Type: Legal News; Source: Bernama

Discussion Paper on Responsibility Mapping

The Bank today issued a discussion paper on Responsibility Mapping which sets out its thinking for a framework relating to responsibilities of individuals holding senior leadership positions in financial institutions.
Date: 23 February 2018; Type: Legal News; Source: Bank Negara

INDUSTRY UPDATES

Lawyer claims Trial to CBT of more than RM100,000

GEORGE TOWN, Apr 20 (Bernama) - A lawyer pleaded not guilty in the Sessions Court here today to criminal breach of trust involving more than RM100,000.

Read More

INDUSTRY UPDATES

IRBM confirms having issued Letters to International Schools

KUALA LUMPUR, Apr 19 (Bernama) - The Inland Revenue Board of Malaysia (IRBM) today confirmed that it had recently issued letters to the management of several international schools, here.

Read More

INDUSTRY UPDATES

Tax Exemption on Mega Projects given since 1980s - Customs DG

PUTRAJAYA, Apr 19 (Bernama) - Tax exemptions have been awarded to several large projects owned by the Government since the 1980s, and the issue of waiving the Goods and Services Tax (GST) for procurement of materials and services related to the East Coast Rail Link (ECRL) project should not be played up, said Customs Director-General Datuk Seri Subromaniam Tholasy.

Read More

INDUSTRY UPDATES

GST Compliance good, says Customs Department

KUALA LUMPUR, Apr 18 (Bernama) - The Goods and Services Tax (GST) compliance in Malaysia is good even though there is still a need to continue to promote tax education.

Read More

INDUSTRY UPDATES

Government will not raise GST Rate - DPM Zahid

BAGAN DATUK, Apr 18 (Bernama) - The government has given an assurance that the country's Goods and Service Tax (GST) of sic per cent will not be raised, even after the 14th General Election.

Read More

INDUSTRY UPDATES

Government approves Sekolah Menengah Chong Hwa's Federal Land Lease Application - Wan Junaidi

KUALA LUMPUR, Apr 17 (Bernama) - The government has approved the application of Sekolah Menengah Persendirian Chong Hwa, Sentul, for a 1.2 hectare of federal land under 99 years' lease for the purpose of building the school's sports complex.

Read More

INDUSTRY UPDATES

World's First Crypto Currency Guarantee against Theft

KUALA LUMPUR, Apr 18 (Bernama) - In a world's first, GoldCrypto will protect and guarantee its cryptocurrency tokens from any theft through hacking.

Read More

INDUSTRY UPDATES

Court's Judgments now available on Malaysian Judgments Portal

KUALA LUMPUR, Apr 16 (Bernama) - Everyone can now read Malaysian courts' judgments on the Malaysian Judgments Portal for them to have better understanding of the law, Chief Justice Tun Raus Sharif said today.

Read More

INDUSTRY UPDATES

IRBM continues Drive to counter Tax Leakages

KUALA LUMPUR, Apr 17 (Bernama) - The Inland Revenue Board of Malaysia (IRBM) today said it will continue with the drive to counter the threat of aggressive tax planning, base erosion and profit shifting, and tax evasion practices that cause tax leakages.

Read More

INDUSTRY UPDATES

Bursa Malaysia launches Intraday Short-Selling for all Investors

KUALA LUMPUR, Apr 16 (Bernama) - Bursa Malaysia Bhd has introduced Intraday Short-Selling (IDSS) for all investors as part of the exchange's strategy to boost market liquidity.

Read More

INDUSTRY UPDATES

Anti-Fake News Act Not just meant to protect Government

KOTA TINGGI, Apr 14 (Bernama) - The false message that claimed the Tunku Mahkota of Johor Tunku Ismail Sultan Ibrahim would provide aid to the public at several supermarkets is the first case being investigated under the Anti-Fake News Act 2018, said Minister in the Prime Minister's Department Datuk Seri Azalina Othman Said.

Read More

INDUSTRY UPDATES

AGC rejects Request from 'Pak Su' to withdraw Incest Charges

KUALA LUMPUR, Apr 12 (Bernama) - The Attorney General's Chambers has rejected a letter of representation from an uncle known as 'Pak Su' requesting to withdraw 587 charges of incest and attempted rape involving three of his nieces.

Read More

INDUSTRY UPDATES

IRBM contributes Teaching Aid to Schools

BUKIT MERTAJAM, Apr 12 (Bernama) - The Inland Revenue Board of Malaysia (IRBM) today handed out a teaching aid each to the District Education Office and four selected schools, here.

Read More

INDUSTRY UPDATES

Government declares May 9 as Public Holiday to allow People to go to the Polls

KUALA LUMPUR, Apr 11 (Bernama) - There should be no more excuse for all registered voters not to cast their votes after the government announced that May 9, which is polling day for the 14th General Election (GE14), a public holiday in the country.

Read More

INDUSTRY UPDATES

Trade Unions urged to use PLWS in Employees' Wage Increase

PETALING JAYA, Apr 11 (Bernama) - Trade unions have been urged to use the Productivity Link-Wages System (PLWS) in determining the annual wage increase for outstanding employees.

Read More