malaysia - Banking & Finance - News

BNM to launch Risk Management Policy to tackle Cybercrime

KUALA LUMPUR, Feb 19 (Bernama) - Bank Negara Malaysia (BNM) will be launching its Risk Management in Technology policy in June this year to provide guidelines, especially for financial institutions, to combat the rise in cybercrime. CyberSecurity Malaysia chief executive officer Datuk Amirudin Abdul Wahab said more than 10,000 cases of cybercr ...
Date: 19 February 2019; Type: Legal News; Source: Bernama

New Cryptocurrency for Online Gaming

KUALA LUMPUR, Jan 31 (Bernama) - Five Colors Technologies Ltd has announced that new cryptocurrency, Five Colors Coin (FCC), is to become e-sports money and will be listed on CoinBene with the initial exchange offering (IEO) carried out today.  
Date: 31 January 2019; Type: Industry Updates; Source: Bernama

SC amends Guidelines to require Digital Asset Platform Operators to register

KUALA LUMPUR, Jan 31 (Bernama) - The Securities Commission (SC) has added a new chapter in the Guidelines on Recognised Markets to require digital asset platform operators to be registered as a recognised market operator. In a technical briefing to the media today, the SC said the new framework is part of its efforts to promote innovation whil ...
Date: 31 January 2019; Type: Legal News; Source: Bernama

Bursa appoints Shireen Muhiudeen as Non-Executive Chairman

KUALA LUMPUR, Jan 30 (Bernama) - Bursa Malaysia Bhd has appointed Datuk Shireen Ann Zaharah Muhiudeen as public interest director and non-executive chairman to succeed Tan Sri Amirsham A Aziz, effective March 1, 2019.
Date: 30 January 2019; Type: Industry Updates; Source: Bernama

SC reprimands, fines Deloitte RM2.2 Million on Sukuk Issuance linked to 1MDB

KUALA LUMPUR, Jan 30 (Bernama) - The Securities Commission Malaysia (SC) has reprimanded and imposed penalties on Deloitte PLT (Deloitte) for four breaches related to the RM2.4 billion sukuk murabahah programme issued by Bandar Malaysia Sdn Bhd (BMSB) in 2014.
Date: 30 January 2019; Type: Legal News; Source: Bernama

SC reprimands Three Auditors for Failure to meet Standards

KUALA LUMPUR, Jan 29 (Bernama) - The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB) has reprimanded three auditors for failure to comply with the International Standards on Auditing when auditing their respective public-listed company clients.
Date: 29 January 2019; Type: Legal News; Source: Bernama

Order to regulate Digital Currencies, Tokens Seen as Positive

KUALA LUMPUR, Jan 27 (Bernama) - The new order to regulate digital currencies and tokens as securities, which came into force on Jan 15 this year, is a shift in regulatory regime from both the Securities Commission (SC) and Bank Negara Malaysia, says an expert.
Date: 27 January 2019; Type: Legal News; Source: Bernama

World Bank describes Digital Asset Law as pragmatic

KUALA LUMPUR, Jan 15 (Bernama) - The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019, which comes into force today, is a pragmatic approach by the authorities to regulate digital currencies and assets, says the World Bank. World Bank Group’s Macroeconomics, Trade and Investment le ...
Date: 15 January 2019; Type: Legal News; Source: Bernama

MoF implementing New Operational Hours at UTCs from January 22

KUALA LUMPUR, Jan 12 (Bernama) - The Ministry of Finance (MoF) will be implementing new operational hours at the Urban Transformation Centres (UTCs) starting Jan 22 as a measure to save public expenditure.
Date: 12 January 2019; Type: Industry Updates; Source: Bernama

Legality of Cryptocurrency still under Consideration - Khalid Samad

KUALA LUMPUR, Jan 12 (Bernama) - The government has yet to make a final decision whether to legalise the use of cryptocurrency and digital currency in the country.
Date: 12 January 2019; Type: Legal News; Source: Bernama

EPF reduces Minimum Contribution for Employees above Age 60 to Four per cent

KUALA LUMPUR, Jan 7 (Bernama) - The Employees Provident Fund (EPF) today announced that employers will, from now, make a minimum statutory contribution of four per cent for employees above 60 years old against the present practice of contributing 6.0 and 6.5 per cent. Employees' share contribution, on the other hand, will now be at zero per ce ...
Date: 07 January 2019; Type: Legal News; Source: Bernama

BNM issues Policy Document on Outsourcing

KUALA LUMPUR, Dec 28 (Bernama) - Bank Negara Malaysia (BNM) today issued a policy document on outsourcing aimed at strengthening governance and risk management standards in managing outsourcing risk. In a statement today, BNM said the policy document is effective from Jan 1, 2019 and will be applicable to licensed banks, investment banks, Isla ...
Date: 28 December 2018; Type: Legal News; Source: Bernama

Banks can no longer hide behind Exclusion Clauses

PUTRAJAYA, Dec 18 (Bernama) - The Federal Court here ruled that banks cannot rely on exclusion clauses in loan agreement to absolve any liability against them, describing the patent as unfairness and injustice as there is an absolute restriction to customers’ right to damages. Federal Court Judge Datuk Seri Balia Yusof Wahi in his 37-pag ...
Date: 18 December 2018; Type: Legal News; Source: Bernama

Cabinet decides to place Tabung Haji under Bank Negara Malaysia

KUALA LUMPUR, Dec 17 (Bernama) - The Cabinet has decided that the Tabung Haji (TH) will be placed under the supervision of the Bank Negara Malaysia (BNM), says Deputy Minister in the Prime Minister's Department Fuziah Salleh.
Date: 17 December 2018; Type: Legal News; Source: Bernama

SC introduces Revised Prospectus, Equity Guidelines

KUALA LUMPUR, Dec 14 (Bernama) - The Securities Commission Malaysia (SC) has released the revised Prospectus Guidelines and Equity Guidelines, which will come into effect on March 13, 2019.
Date: 14 December 2018; Type: Legal News; Source: Bernama

SC revokes Licence, imposes Penalty against Individual

KUALA LUMPUR, Dec 12 (Bernama) - The Securities Commission (SC) has revoked the Capital Markets Services Representative’s Licence (CMSRL) of Shaiful Nazren Kassim for improper business practices, effective Dec 7, 2018.
Date: 12 December 2018; Type: Legal News; Source: Bernama

BNM to supervise TH starting January Next Year

KUALA LUMPUR, Dec 10 (Bernama) - Lembaga Tabung Haji (TH) will be placed under Bank Negara Malaysia’s (BNM) supervision starting January next year to improve the organisation’s governance, said Minister in the Prime Minister’s Department, Datuk Seri Dr Mujahid Yusof.
Date: 10 December 2018; Type: Legal News; Source: Bernama

Memorandum of Understanding between Bank Negara Malaysia and Dubai Financial Services Authority

On 28 November 2018, Bank Negara Malaysia (BNM) and Dubai Financial Services Authority (DFSA) had signed a Memorandum of Understanding (MoU) on supervisory cooperation for effective supervision of banking and insurance/ takaful/ reinsurance institutions operating in both countries.
Date: 05 December 2018; Type: Industry Updates; Source: Bank Negara

SC, BNM working on Regulations for Digital Assets

KUALA LUMPUR, Dec 6 (Bernama) - Regulations are currently being put in place to bring digital assets within the remit of securities laws to promote fair and orderly trading and ensure investor protection, the Securities Commission (SC) and Bank Negara Malaysia (BNM) said today. Digital assets refer to digital currencies and digital tokens.&nbs ...
Date: 06 December 2018; Type: Legal News; Source: Bernama

Recognitions of Foreign Audit Firm and its Partner Withdrawn by AOB

KUALA LUMPUR, Nov 29 - The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB), has withdrawn the recognition of Singapore-based audit firm RT LLP and Su Chun Keat, who is a partner in the firm.
Date: 29 November 2018; Type: Industry Updates; Source: Securities Commission

INDUSTRY UPDATES

Court adjourns Tony Pua's Appeal against Interim Injunction over RUU355 Video Clip

PUTRAJAYA, Feb 20 (Bernama) - The Federal Court today adjourned the appeal hearing by Damansara Member of Parliament Tony Pua Kiam Wee against an interim injunction order over his alleged video clip relating to the tabling of Syariah Courts (Criminal Jurisdiction) (Amendment) Bill 2016 or RUU355.

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INDUSTRY UPDATES

Sarawak Lawyers wants Government to set up RCI over Judge Allegations

MIRI, Feb 19 (Bernama) - The Advocates Association of Sarawak (AAS) has proposed to the government to set up a Royal Commission of Inquiry (RCI) over the allegation of judicial interference in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer recently.

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INDUSTRY UPDATES

MACC meets Judge Hamid Sultan over 63-Page Affidavit

PUTRAJAYA, Feb 18 (Bernama) - The Malaysian Anti-Corruption Commission (MACC) today met with Court of Appeal judge Datuk Dr Hamid Sultan Abu Baker over his recent 63-page affidavit, filed last week, on allegations of judicial interference.

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INDUSTRY UPDATES

Judiciary lodges Police Report over Allegations in Affidavit

PUTRAJAYA, Feb 15 (Bernama) - The Judiciary has lodged a police report over allegations made against unnamed judges and the institution in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer.

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INDUSTRY UPDATES

Blind Woman's Persistence to become Lawyer bears Fruit

KUALA LUMPUR, Feb 15 (Bernama) - ‘Where there’s a will, there’s a way’, this proverb illustrates the determination and diligence of a visually impaired young woman who has achieved her dream of becoming a lawyer.

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INDUSTRY UPDATES

Lawyer urges Government and CJ to address Justice Hamid's Revelations

KUALA LUMPUR, Feb 15 (Bernama) - Lawyer Sangeet Kaur Deo has called on the government and Chief Justice to immediately look into the claims by Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer, contained in his affidavit which revealed misconduct of top judges and judicial interference.

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INDUSTRY UPDATES

Men too face Sexual Harassment at Workplace

SUNGAI PETANI, Feb 14 (Bernama) - Men too have been recorded as being victims of sexual harassment at the workplace, said Women, Family and Community Development Deputy Minister, Hannah Yeoh.

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INDUSTRY UPDATES

LHDN launches eProcurement System, Suppliers' Portal

CYBERJAYA, Feb 13 (Bernama) - The Inland Revenue Board (LHDN) has launched the eProcurement (eP) system and the Suppliers’ portal as a continuous effort to improve service delivery to suppliers or tenderers dealing with the agency.

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INDUSTRY UPDATES

New Policies, Incentives needed under EAC to spur Investments

KUALA LUMPUR, Feb 12 (Bernama) - New policies and incentives must be formulated to encourage both domestic and foreign private investments for the newly minted Economic Action Council (EAC) to achieve its aim of stimulating sustainable growth.

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INDUSTRY UPDATES

SC Chairman elected Vice Chair of International Organisation of Securities Commission

KUALA LUMPUR, Feb 12 (Bernama) - The Securities Commission Malaysia (SC) chairman Datuk Syed Zaid Albar has been elected vice-chair of the International Organisation of Securities Commissions (IOSCO) Growth and Emerging Markets (GEM) Committee.

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INDUSTRY UPDATES

Economic Action Council formed

PUTRAJAYA, Feb 11 (Bernama) - The Prime Minister’s Office (PMO) today announced the establishment of the Economic Action Council, which is tasked with scrutinising and making decisions regarding economic and financial affairs as well as the people's well-being.

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INDUSTRY UPDATES

Najib's New Money Laundering Case transferred to High Court

KUALA LUMPUR, Feb 11 (Bernama) - The case of former prime minister Datuk Seri Najib Tun Razak involving three additional charges of money laundering to the tune of RM27 million of SRC International funds will be heard in the High Court.

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INDUSTRY UPDATES

Sabah Government should Consider amending Wildlife Conservation Enactment 1997 - Lee Lam Thye

KUALA LUMPUR, Feb 10 (Bernama) - The Sabah State Government should consider amending its Wildlife Conservation Enactment 1997 to make the killing of fully protected animals as a strict liability offence, animal rights activist Tan Sri Lee Lam Thye urged.

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INDUSTRY UPDATES

Malaysia ranks First in World's Best Healthcare Category

KUALA LUMPUR, Feb 6 (Bernama) - Malaysia, with a score of 95 out of 100, ranked first in the Best Healthcare in the World category of the 2019 International Living Annual Global Retirement Index.

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INDUSTRY UPDATES

No Cabinet reshuffle, Says Mahathir

KUALA LUMPUR, Feb 6 (Bernama) - Prime Minister Tun Dr Mahathir Mohamad today dismissed rumours of a Cabinet reshuffle that would reportedly take place after the Chinese New Year festival, saying there was no such thing.

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