KUALA LUMPUR: Bank Negara Malaysia (BNM) has imposed a compound of RM1.02 million on KAF Investment Bank Bhd (KAF IB) for non-compliance with directions issued under the Financial Services Act 2013 (FSA).
The central bank said the compound arose from KAF IB’s failure to comply with directions issued under section 214(6) of the FSA requiring financial institutions to have in place and implement internal controls and procedures to ensure compliance with BNM’s Foreign Exchange Policy (FEP) Notices.
