Action Will Be Taken On Cimb Group If Breach Regulatory Requirements Says Bnm

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CIMB has reiterated that the bank's system remains secure and there has been no system breaches.KUALA LUMPUR: Bank Negara Malaysia will take appropriate supervisory and enforcement actions on CIMB Group Holdings Bhd if findings reveal any breach of legal or regulatory requirements, governor Tan Sri Nor Shamsiah Mohd Yunus said.
"As CIMB has explained to the affected customers, it has recently detected incidents of excess funds being wrongly credited into their (customers) accounts.
"As such, we have required CIMB to ensure that efforts to recover these funds do not affect customers' ability to access their accounts and to allow reasonable options for customers to return the excess funds. 
"We are looking into the specific circumstances surrounding this incident and we will take appropriate supervisory and enforcement actions if the findings revealed any breach of legal or regulatory requirements including adhering to acceptable risk management standards that we expect all financial institutions to observe," she said during Bank Negara's fourth quarter (Q4) gross domestic product (GDP) virtual press conference today.
On January 27, CIMB has clarified that a processing error in the banking system has led to a small number of accounts being frozen.
Panic gripped account holders of CIMB when they received notification about money earmarked for debit from their accounts.
Money belonging to some account holders was earmarked to be debited in the form of various bank charges while some customers received duplicate credits and unsuccessful transactions via their accounts.
According to rumours circulating on social media, some 11,000 accounts belonging to CIMB's customers have been frozen since Monday and they were getting messages that they owed the bank thousands of ringgit.
Six days ago, CIMB has reiterated that the bank's system remains secure and there has been no system breaches.
"We would like to reiterate that these accounts were not frozen, and customers were still able to utilise balance funds in excess of the earmarked amount placed on hold. As of today, no monies have been debited from the affected customers' accounts.
"We are also working closely with affected customers to ensure a fair and managed resolution. This includes providing clear evidence and documentation of the double credits in their bank statements and formulating flexible repayment schemes based on the individual circumstances," CIMB said. - NST

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