Bank Negara Malaysia considers penalties for banks with online outages due to regulatory violations.

Bank Negara Malaysia (BNM) is considering penalties for banks that violate regulatory provisions due to online banking outages. The actions, based on the Financial Services Act 2013 (FSA) and Islamic Financial Services Act 2013 (IFSA), will depend on assessments of the root cause and impact of the disruptions by affected institutions. BNM has instructed banks to determine the cause of outages and set corrective measures, and closely monitors the situation.