Bank Negara has acted promptly to address bank service disruptions, says Deputy Finance Minister

KUALA LUMPUR: Bank Negara has acted promptly to address the service disruptions that have troubled consumers, issuing a directive to banks to strictly adhere to operational standards, says Lim Hui Ying.

The Deputy Finance Minister said Bank Negara's stance on the issue is that financial institutions must comply with the Risk Management in Technology (RMIT) policy document that it has outlined.

She further said that the policy document lays out the necessary technology risk management protocols that must be maintained by financial institutions, ensuring efficient and secure delivery of financial transactions to retain public trust.

Lim highlighted Bank Negara's powers under the Financial Services Act 2013 and Islamic Financial Services Act 2013, which allow it to enforce actions on institutions falling short of policy mandates.

"System failures mustn't surpass the maximum tolerable downtime, affecting customers' access to transactions," she said in response to a question from Ayer Hitam MP Datuk Seri Dr Wee Ka Siong in the Dewan Rakyat on Wednesday (June 26).

Dr Wee had expressed dissatisfaction with the frequency of online banking interruptions, emphasising that, given the current reliance on QR codes, ewallets, and various epayment methods, it was unacceptable for any bank's payment system to fail or undergo unannounced downtime.

"We are facing an unacceptable number of online disruptions. Should we settle for simple compliance and apologies for the inconvenience?

"What penalties are enacted to maintain accountability, especially considering our heavy reliance on epayments? The need for stability in this system is critical, yet it continues to be a challenge,” Dr Wee said.

Lim said banks have been mandated to identify the root causes of these disturbances and take appropriate corrective and preventive measures to prevent future incidents.

Regarding customer relations, she said, "Bank Negara has instructed banks to proactively communicate with affected customers, swiftly addressing any resulting complaints and inquiries."

"Bank Negara will consider appropriate follow-up actions, including supervisory measures and penalties for legal breaches within its jurisdiction," she added.

Lim noted that continuous monitoring is in place to ensure that banks fully comply with policy requirements.

Since implementing these measures, she reported no major banking service disruptions impacting customer access.

Bank Negara presently thoroughly examines the disruptions' causes and will take necessary legal actions.

"Should enforcement measures be taken against any institution, the details will be published on Bank Negara's official website," she said.