What specific action does SUPP want Bank Negara Malaysia to take regarding mule accounts?

Question

Accepted Answer

SUPP Proposes Multiple Actions for Bank Negara Malaysia on Mule Accounts

The Sarawak United People’s Party (SUPP) has urged Bank Negara Malaysia (BNM) to implement several specific measures concerning mule accounts, including directing financial institutions to freeze and investigate reported accounts, strengthening account opening procedures, and imposing penalties on responsible banks. These proposals aim to curb the escalating issue of scams, which have led to significant financial losses for victims, with SUPP's public complaints bureau receiving six reports totalling over RM100,000 since early June.
Freeze and Investigate Reported Accounts

SUPP advocates for a directive from Bank Negara Malaysia to all banks and financial institutions mandating the immediate freezing and investigation of recipient or mule accounts identified by scam victims. This action is intended to halt the further siphoning of funds, as all six reported victims in recent cases had their savings transferred into these compromised accounts.
Enhance Account Opening Procedures and Audits

The party suggests that BNM should bolster the requirements and criteria for individuals opening new bank accounts. Furthermore, SUPP proposes that these newly opened accounts undergo periodic audits to proactively deter them from being utilized as mule accounts by scammers. This measure seeks to preemptively block potential avenues for fraudulent activity.
Impose Penalties on Banks for Mule Accounts

SUPP recommends that Bank Negara Malaysia consider imposing penalties on financial institutions found to be negligent or responsible for the presence of mule accounts within their systems. This proposed penalty aims to incentivize banks to strengthen their internal controls and oversight mechanisms to prevent the misuse of their services for illicit purposes.
Foster Coordination Among Agencies

A key proposal from SUPP is the enhanced coordination between Bank Negara Malaysia, financial institutions, and various enforcement agencies. The party stresses the importance of prompt and diligent investigation of scam cases, urging agencies like the Royal Malaysia Police (PDRM) to thoroughly trace funds to the end mule account and prosecute not only the account holders but also the scammers themselves.

Reading history

Hide →

This history is cleared when the page is closed.

What specific action does SUPP want Bank Negara Malaysia to take regarding mule accounts?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends