How does BNM regulate and supervise the banking system in Malaysia to ensure stability?
BNM's consistent and vigilant oversight of the banking system fosters confidence and stability, ensuring the financial sector remains resilient in the face of economic challenges.
How does Bank Negara Malaysia protect consumers in the financial sector?
Overall, Bank Negara Malaysia remains committed to protecting consumers in the financial sector and continuously reviews and enhances its regulations and initiatives to ensure fair treatment, transparency, and consumer empowerment.
and what is its role in the Malaysian financial system?
In addition to monetary policy, BNM supervises and regulates financial institutions to safeguard the stability of the banking and insurance sectors. It formulates prudential regulations, conducts regular inspections, and enforces compliance with global best practices to mitigate risks in the financial system. BNM also promotes financial sector development by fostering innovation and efficiency while ensuring consumer protection.
What measures does Bank Negara Malaysia take to combat money laundering and terrorism financing?
To ensure compliance, BNM conducts regular inspections and assessments of financial institutions to assess the effectiveness of their AML/CFT measures. Non-compliance can result in severe penalties and legal action.