Bank Negara Fines Maybank And CIMB A Total Of RM5 Million For Prolonged Service Disruption

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Bank Negara Fines Maybank And CIMB A Total Of RM5 Million For Prolonged Service Disruption

14-Aug-2024
By Dhiviya

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. 



bank negara fine MAYBANK cimb service disruption


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