Bank Negara penalises Agrobank for development financial institutions act non-compliance

KUALA LUMPUR: Bank Negara Malaysia (BNM) had imposed an Administrative Monetary Penalty (AMP) of RM660,000 on Bank Pertanian Malaysia Berhad (Agrobank) for non-compliance with the Development Financial Institutions Act 2002 (DFIA).

In a statement today, the central bank said the AMP was imposed on Sept 3 this year for non-compliance with subsection 41(4) of the DFIA read together with paragraphs 27.4.1, 27.4.2, 28.3.1 and 28.3.2 of the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions (AML/CFT and TFS for FIs) Policy Document.