Bank Negara Malaysia (BNM) has directed CIMB Bank to ensure that its customers are given “reasonable options” in returning the excess funds that had been deposited into their accounts. This is following the processing error that took place back in January.

Additionally, BNM’s governor, Tan Sri Nor Shamsiah Mohd Yunus also stressed that CIMB’s procedures in rectifying the situation must not affect its customers’ ability to access their accounts.

“We are looking into specific circumstances around this incident. We will take appropriate supervisory and actions if the findings reveal any breach of legal or regulatory requirement, including adhering to acceptable risk management standards that we expect all financial institutions to observe,” Tan Sri Nor Shamsiah further stated.

In late January, CIMB said that it had encountered a processing error in its banking system after numerous customers reported receiving notifications stating that money from their accounts will be earmarked for debit due to erroneous duplicate credits. The error was said to have caused transfers to be processed twice by accident, which means affected customers received double the original amount that should have been credited into their account. CIMB also explained that the error was related to a “specific third-party financial remittance service”.

While CIMB did not reveal how many customers were affected or how much funds were involved, it did say that it is reaching out to those affected to ensure a “fair and managed resolution”. Impacted customers can also contact the bank via a dedicated hotline at 03-2295 6188, or CIMB’s call centre at 03-6204 7788.

(Source: The Edge Markets)

• TAGS:
• Bank Negara Malaysia
• BNM
• CIMB
• CIMB Bank
• Tan Sri Nor Shamsiah Mohd Yunus
• Technical Errors