In the wake of recent online banking service outages, Bank Negara Malaysia (BNM) is poised to enforce supervisory actions and penalties against financial institutions that violate regulatory provisions under its supervision, according to Bernama.
Maybank’s online banking system recently experienced a service outage, preventing customers from conducting debit card transactions, instant transfers, and accessing the MAE and Maybank2u Biz apps.
CIMB also had online banking services outage with CIMB Clicks and CIMB OCTO apps, FPX, MyDebit, Credit and Self Service Terminals.
Deputy Finance Minister Lim Hui Ying stressed that follow-up actions under the Financial Services Act 2013 (FSA) and the Islamic Financial Services Act 2013 (IFSA) depend on the affected institutions’ assessments of the disruptions’ root causes and impacts.
Under these acts, BNM can enforce actions against non-compliant financial institutions, including ensuring critical systems’ downtime does not exceed acceptable limits to maintain uninterrupted service, thereby safeguarding uninterrupted service access for customers.
BNM has directed the involved banks to investigate the disruptions’ causes and implement corrective measures to prevent future occurrences.
Banks are also instructed to promptly address customer complaints and inquiries related to the service interruptions and BNM is monitoring the situation closely to ensure the swift restoration of normal banking services.
