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Malaysia's Federal Territories Mufti Department has ruled that hibah (profit distributions) paid by Tabung Haji to depositors between 2014 and 2020 were legally valid under Islamic law, despite concerns raised by the Royal Commission of Inquiry into the institution's management.
Steven Price, a senior enforcement official at US financial watchdog FINRA, has departed to become chief compliance officer at fintech platform Finalis, marking another sign of talent migration from traditional regulators to technology-driven financial services.
Five Bank Negara Malaysia warning letters related to Tabung Haji governance failures identified in a Royal Commission of Inquiry report are being referred to the Prime Minister and cabinet for consideration and potential intervention.
Malaysia's Religious Affairs Minister says Tabung Haji's financial collapse was avoidable had the institution acted on five Bank Negara Malaysia warning letters issued between 2014 and 2016.
Bank Negara Malaysia issued five warnings to Tabung Haji about its deteriorating financial position, but the institution's leadership ignored them, Religious Affairs Minister Zulkifli Hasan revealed in Parliament.
Malaysia's Court of Appeal has upheld a RM169.2mil asset freeze against businessman Ricky Wong and associated entities in a major securities fraud case, rejecting their attempts to overturn the High Court injunction.
The US Senate is positioning itself to vote on the Clarity Act, landmark legislation that would establish comprehensive federal cryptocurrency regulation. The move signals Republican confidence in securing the 60 votes needed for passage.
Liechtenstein's government is investigating a cyberattack on its confidential registry of beneficial owners, exposing information on 31,000 registered entities. Authorities say only names and residencies were compromised, with no financial data accessed.
Singapore has unveiled comprehensive legislative amendments designed to combat the rising tide of scams through enhanced detection capabilities, stricter penalties for online service providers, and improved information-sharing between law enforcement and industry partners.
Bank Negara Malaysia should transition from prescriptive regulation to collaborative supervision, says former deputy governor Datuk Ooi Sang Kuang, advocating greater use of regulatory sandboxes to support emerging industries.
The Financial Action Task Force has raised fresh alarms about criminal networks leveraging cryptocurrency to launder billions in illicit proceeds, exploiting regulatory weaknesses across jurisdictions despite modest improvements in compliance.
Malaysia's Court of Appeal has upheld a RM28 million judgment against Singaporean businessman Chan Cheh Shin, finding evidence that he actively promoted fraudulent investment schemes through seminars and roadshows to defraud investors.
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Malaysia's banking sector must prioritize trust and governance over rapid AI adoption, the Asian Institute of Chartered Bankers said, with only 25% of bankers confident enough to use AI outputs for major business decisions despite widespread deployment.