By NUR HANANI AZMAN / Pic by TMR FILE PIX

Bank Negara Malaysia (BNM) will take appropriate supervisory steps and enforcement 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.

“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 options for customers to return excess funds,” she said at a virtual press conference after the release of the fourth quarter of 2021 gross domestic product results today.

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.