Bank Negara Malaysia (BNM) had, on 3 March 2025, imposed an Administrative Monetary Penalty (AMP)^[1] of RM1,200,000 on Maybank Islamic Berhad (MIB) for non-compliance with section 155(3)(b) of the Islamic Financial Services Act 2013 (IFSA) regarding the submission of information to BNM, read together with the requirements under the paragraphs 21.1 and 21.2 of the Central Credit Reference Information System (CCRIS) – Requirements on the Submission, Usage and Protection of Credit Information Policy Document (CCRIS PD) issued on 1 December 2023.

Under the CCRIS PD, financial institutions are required to submit timely, accurate and complete information in CCRIS.  Accurate reporting in CCRIS by financial institutions is critical to enable fair credit assessment by lenders on prospective borrowers. This is to mitigate the risk of prospective borrowers being denied loans or financing due to inaccurate credit records. MIB failed to ensure that information relating to financing facilities provided to three borrowers was submitted in accordance with the requirements of the CCRIS PD, which has subsequently impacted their borrowers’ credit records.

MIB has since taken remedial measures to prevent the recurrence of such non-compliance.

In deciding the imposition of the AMP, BNM considered the relevant aggravating and mitigating factors, including:

1. the impact of the non-compliance on critical data/reporting;
2. rectification and remedial actions taken by MIB; and
3. MIB’s past compliance record.

 MIB has paid a total of RM1,200,000 for the AMP imposed by BNM on 11 March 2025.

 The enforcement action taken is in line with the approach and processes outlined in the Enforcement Approach.

^[1] BNM imposed the AMP pursuant to subsection 245(3)(b)(i) of the IFSA.