ANZ's AMBank, AMIslamic managers breached AML/CTF regulations in 2014, resulting in fine of RM 400,000: History of non-compliance

by Ganesh Sahathevan



This issue has not been reported :


Exctarct from the AMBnk Group Annual Report 2014
. 
Non-Compliance to Anti-Money Laundering and Anti-Terrorism Financing Act and Standard Guidelines on Anti-Money Laundering and Counter Financing of Terrorism, as the banks did not adequately capture information on the person conducting cash transactions exceeding RM50,000. Total Compound amount: RM400,000 issued by Bank Negara Malaysia All matters highlighted above have since been satisfactorily addressed.






Taken together with this matter which was reported, one can see a pattern of non-complaince 
esday, 24 November 2015


AmBank Group fined RM53.7mil by Bank Negara



PETALING JAYA: AMMB Holdings Bhd (AmBank Group) has been slapped with a RM53.7mil fine by Bank Negara.

According to a filing by the sixth-largest lender in Malaysia, the penalty has come about as a result of a breach of certain regulations under Sect 234 of the Financial Services Act 2013 and Sect 245 of the Islamic Financial Services Act 2013 by AmBank (M) Bhd and AmBank Islamic Bhd, respectively.

AmBank Group said it had agreed to pay the fine.

“The penalty has no material impact on AmBank Group’s earnings for the financial year ending March 31, 2016,” it said.


While not specifying the exact reasons for the fine, AmBank Group disclosed in its filings with Bursa Malaysia that it had commenced its own review and had been cooperating with Bank Negara with regard to the non-compliance of its banking units with certain regulations under the Financial Services Act 2013 and the Islamic Financial Services Act 2013. The group stressed it had also been providing the necessary information to the central bank in relation to the case.

“This review has led to the strengthening of our governance structure and is ongoing,” it said.

“AmBank Group takes its compliance responsibility very seriously and has agreed with Bank Negara’s four-year programme of work towards achieving market best practices,” it added.

Besides paying the fine imposed by Bank Negara, AmBank Group said it would set aside an average of RM25mil per annum for four years for investment in systems, infrastructure and training.

“This series of measures will further enhance the robustness of our processes, reporting, improve our governance structure as well as safeguard against such circumstances recurring in the future and ensure that AmBank Group is well placed for future growth,” it said.

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