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Tuesday, January 30, 2018

RM8 million heist didn’t affect cash supply, says Bank Negara

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PETALING JAYA: Bank Negara Malaysia (BNM) today assured that there is sufficient supply of foreign currencies despite reports of a possible shortage following a recent RM8 million currency theft at a wholesaler.
The central bank said the incident had not affected the overall supply of currencies to moneychangers.
“Consumers can continue to obtain and exchange foreign currencies at licensed moneychangers located throughout the country,” it said in a statement.
A report in The Star had cited sources as saying that a staff member of the wholesaler had absconded with the money, which was meant to be distributed to moneychangers on Friday.
Following this, some moneychangers had complained of a shortage of supply.
Police have confirmed that investigations are ongoing.
BNM said it was also conducting an independent review of the incident to determine if there were any breaches of regulations by the licensed moneychangers and currency wholesalers.
“Appropriate enforcement actions will be taken by the bank if a breach is established,” it said.
BNM said it would continue to monitor the effectiveness of controls and risk mitigations implemented by licensed money service businesses to ensure the reliable and efficient provision of currency exchange services.
“An increasing number of money services companies are leveraging on technology to enhance controls, improve service delivery and reduce the reliance on physical currencies in the overall currency handling and exchange operations.
“Such developments will further minimise risks of disruptions to currency exchange services,” it said. -FMT

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