BNM to take appropriate action if CIMB's processing error breaches legal requirements

KUALA LUMPUR: Bank Negara Malaysia (BNM) will take appropriate supervisory steps and action on CIMB Group Holdings Bhd if there had been any breach of legal or regulatory requirements regarding the bank's recent processing error incident.

Governor Tan Sri Nor Shamsiah Mohd Yunus said the regulatory requirements include adhering to acceptable risk management standards.

"We are looking into specific circumstances surrounding this incident," she said at a virtual press conference after the release of the fourth quarter of 2021 gross domestic product (GDP) results today.

Furthermore, she said BNM has required CIMB to ensure that efforts to recover the funds would not affect customers' ability to access their accounts and to allow reasonable option for customers to return excess funds.

According to news reports, CIMB said a processing error in its banking system had resulted in a number of accounts being frozen, and the bank has been reaching out to the affected customers to ensure a fair and managed resolution.

-- BERNAMA