Tuesday, 24 November 2015

AmBank Group to pay RM53.7mil penalty to Bank Negara

Bank Negara has imposed a penalty of RM53.7mil on AMMB Holdings Bhd (AmBank Group) with respect to non-compliance with certain regulations by AmBank (M) Bhd and AmBank Islamic Bhd.

In a filing with Bursa Malaysia on Monday, AmBank Group said it had agreed to pay the penalty pertaining to action pursuant to section 234 of the Financial Services Act 2013 and section 245 of the Islamic Financial Services Act 2013.

Both sections refer to administrative actions that banks can take for a breach in the respective Acts.

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