quora
webinr-icon

“A Fintech’s Path to Rapid Growth with 100% KYC/KYB Compliance” - 7th November

Register Here

MBSB Bank to Implement BNM’s Requirements for Combating Financial Crimes

mbsb bank

Bank Negara Malaysia announced additional security measures for financial institutions to strengthen their systems and migrate from SMS one-time passwords (OTPs) to more secure authentication forms against financial crimes, especially online ones. 

MBSB Bank has been instructed to follow the latest security protocols announced by BNM, Bank Negara Malaysia, to fight financial crimes, especially those that target online transactions. 

According to the chief executive officer of MBSB Bank, Datuk Nor Azam M. Taib, despite having security concerns, financial institutions must act upon the instructed measures to curb scams and protect customers. 

On Sep 27, 23 participants received certificates of completing GRAP, Entrepreneurship Assistance Programme by Nor Azam. He said, “There are no two ways about it. We will follow what is required by BNM.”

On Monday, BNM instructed financial institutions to change their SMS one-time passwords (OTPs) verification method and adopt more robust authentication ways to provide a secure online activity system.  Furthermore, strict fraud detection rules and triggers are needed to block suspected scam transactions.

Restricting customers to one secure device for the process of verification will help in security assurance. The financial industry will receive security advisories highlighting the latest scamming techniques. 

Nor Azam is positive about MBSB’s outlook for this year. According to the chief executive officer, “Our third quarter is doing much better than the first half of the year, and we think the fourth quarter will too. However, for next year, we are not sure how long growth will be sustained because as a small economy, we (Malaysia) will depend on our surrounding environment, which may not be that stable.”

On the Entrepreneurship Assistance Programme initiative, Nor Azam said that the financial institution is planning high-level training for participants. Including different aspects, such as product marketing on e-commerce platforms, the training will help businesses expand their capabilities and grow exponentially.

With 80% of single mothers, most of the participants who received GRAP certificates were PPR Desa Rejang in Setapak, Kuala Lumpur’s residents. 

From February to August 2022, a seven-month training program was arranged for participants. This program covered subjects like emotional well-being, creative mind, sales and marketing, accounting methods, etc. 

Islamic Relief Malaysia collaborated with the GRAP program. Nor Azam said that participants managed to increase by more than 95% in monthly income. 

Suggested Read: Danske Bank Fined €1.82m Over AML and CTF Breaches

Related Posts

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

UK Parliament Legislates New Digital Identity Verification Services Bill Taiwan and Singapore St...

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Read More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

At the same time, trade bodies and digital identity service providers have consulted with the gov...

UK Parliament Legislates New Digital Identity Verification Services Bill Read More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

According to the recently passed amendments, overseas crypto platforms are obliged to set up loca...

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Read More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

For the CSPs, the law mandates that they must ensure that the arranged nominees are “fit and prop...

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Read More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

In addition to these shortcomings, the watchdog discovered that the country’s banking, constructi...

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Read More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

These suspicious transactions amounted to more than $300 million and were conducted between 2002 ...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Read More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Mohammad Shahid Ahmed, the Chief of Staff at NFIU, has been appointed as the Vice Chairman of the...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Read More

News

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

In addition to this, the spokesperson also stated that the company failed to comply with due dili...

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Read More

News

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities

UK Parliament Legislates New Digital Identity Verification Services Bill Taiwan and Singapore St...

United States Senate, UAE Government, and Spain Make Significant Efforts to Curb Money Laundering and Terrorist Financing Activities Read More

News

UK Parliament Legislates New Digital Identity Verification Services Bill

At the same time, trade bodies and digital identity service providers have consulted with the gov...

UK Parliament Legislates New Digital Identity Verification Services Bill Read More

News

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks

According to the recently passed amendments, overseas crypto platforms are obliged to set up loca...

Taiwan and Singapore Strengthen AML Regulations for Virtual Asset Providers and Banks Read More

News

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively

For the CSPs, the law mandates that they must ensure that the arranged nominees are “fit and prop...

Singapore and Europe Enhance AML Framework to Fight Financial Crimes Effectively Read More

News

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates

In addition to these shortcomings, the watchdog discovered that the country’s banking, constructi...

Türkiye Removed From Gray List, India Recognized for Its AML Efforts, and Kuwait Urged to Have Better Money Laundering Control Measures: FATF Updates Read More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

These suspicious transactions amounted to more than $300 million and were conducted between 2002 ...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Read More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Mohammad Shahid Ahmed, the Chief of Staff at NFIU, has been appointed as the Vice Chairman of the...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Read More

News

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings

In addition to this, the spokesperson also stated that the company failed to comply with due dili...

Regulatory Authorities Fines TD Bank, Adelaide Casino, and SBI over $500 Million For AML Failings Read More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started