Bank Negara had imposed Administrative Monetary Penalties (AMP) on Maybank and CIMB for non-compliance with financial regulations due to prolonged service disruptions.
Maybank: Fined RM4.32 million on July 29, 2024, for disruption in its Regional Mobile Bank Platform (RMBP) and MAE applications.
CIMB: Fined RM760,000 for prolonged service disruptions on April 8-9, 2024, affecting electronic banking, ATMs and card services.
Reasons For Fines:
Maybank:
- Failed to take effective measures to mitigate and recover from service disruptions.
-Service disruptions exceeded BNM's thresholds as outlined in the Risk Management in Technology (RMiT) policy.
- Gaps in infrastructure resilience during incidents led to significant impacts on online banking services.
CIMB
- Failure in response and recovery processes led to extended system disruptions.
- Disruptions affected critical banking services, exceeding BNM's set thresholds.
Both banks have paid their respective fines and have taken steps to implement improvements.
