Bank Negara, clarifying its powers to enforce compliance, said it can take action against those found to have not complied with the rules and regulations. These are administrative actions administered by the bank itself.
Below is the full statement issued by the central bank on Monday.
Bank Negara Malaysia (the Bank) wishes to provide clarity regarding its powers to enforce compliance with the regulatory laws that are administered by the Bank. The Bank would take enforcement actions, also known as administrative actions, on parties that are found to have transgressed or have not complied with the rules and regulations issued under these laws. These actions may be taken concurrently with, and are separate and distinct from, criminal proceedings that are under the sole purview of the Attorney General.
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Below is the full statement issued by the central bank on Monday.
Bank Negara Malaysia (the Bank) wishes to provide clarity regarding its powers to enforce compliance with the regulatory laws that are administered by the Bank. The Bank would take enforcement actions, also known as administrative actions, on parties that are found to have transgressed or have not complied with the rules and regulations issued under these laws. These actions may be taken concurrently with, and are separate and distinct from, criminal proceedings that are under the sole purview of the Attorney General.
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