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Financial Sector Talent Enrichment Programme

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Financial Sector Talent Enrichment Programme
FINANCIAL SECTOR TALENT ENRICHMENT PROGRAMME

FINANCIAL REGULATIONS IN MALAYSIA ___________________________
BANKING AND FINANCIAL INSTITUTIONS ACT [BAFIA] 1989 MALAYSIAN ANTI MONEY LAUNDERING ACT 2001 [MALAYSIAN ANTI-MONEY LAUNDERING (AMENDMENT) ACT 2003] CORPORATE GOVERNANCE

FINANCIAL SECTOR TALENT ENRICHMENT PROGRAMME

BANKING AND FINANCIAL INSTITUTIONS ACT [BAFIA] 1989

FINANCIAL SECTOR TALENT ENRICHMENT PROGRAMME

BANK NEGARA MALAYSIA: AN INTRODUCTION
Wholly owned by the Federal Government of Malaysia, BNM was set up by an Act of Parliament known as the Central Bank of Malaysia Ordinance 1958. As the country’s Central Bank, its principal objects are: •To issue currency in Malaysia and to keep reserves safeguarding the value of the currency •To act as a banker and a financial advisor to the Government •To promote monetary stability and a sound financial structure •To influence the credit situation to the advantage of the country

FINANCIAL SECTOR TALENT ENRICHMENT PROGRAMME

BAFIA: Powers of Supervision
All commercial banks and other licensed financial institutions in Malaysia are regulated under the BAFIA. BNM administers the statute and as such, has the authority to impose penalties on banks and and other FIs and its officers for violations.

FINANCIAL SECTOR TALENT ENRICHMENT PROGRAMME

BAFIA: Powers of Supervision
The Act gives BNM wide powers to monitor and control the various financial institutions more effectively with the aim of ensuring a stronger and more stable financial system. Establishes BNM as the sole monetary authority in Malaysia for the country’s financial system. BNM supervises the treasury, securities and futures activities of banks in Malaysia and issues directives and guidelines for the operations of financial institutions.

FINANCIAL SECTOR TALENT ENRICHMENT PROGRAMME

BAFIA: Consequences Of Breaches
Non-adherence to the law could result in serious criminal violation of law where prosecutors will seek
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