THE Social Protection Contributors Advisory Association Malaysia (SPCAAM) said Bank Negara should conduct a full-scale inquiry and make public any shortcomings in security safeguards within Malaysia’s financial services industry.
International Labour Advisor Callistus Antony D’Angelus said SPCAAM was very concerned over the recent uncovering of an organised crime syndicate linked to the disappearance of RM24.2 million from several bank accounts.
“The safeguards within the financial services industry must not just be able to keep up with organised crime syndicates but stay ahead of it.
“As part of its inquiry, Bank Negara should examine whether banks have an adequate number of staff with the appropriate level of training to manage the risks that the system is exposed to.
“The central bank should also review whether the services which have been outsourced and even offshored have created more risks for the sector,” he said in a statement.
Antony said it was worrying that banking systems could be breached, and public funds misappropriated.
“It appears that the banks are being outsmarted by crime syndicates, which effectively means that the safeguards in place at present to prevent such financial crimes are not adequate.
“This is where Bank Negara has to come in as the country’s financial regulator and impose itself adequately and appropriately.
“Bank Negara should play the role of a regulator in a non-partisan manner, to serve the good of the Malaysian public and economy as a whole,” he added. – July 30, 2024.
