The Financial Services Act and the Islamic Financial Services Act were recently introduced to enhance regulations and supervision of the financial sector. The acts have a direct impact on financial institutions (FIs) and will place greater pressure on their compliance functions.
Some of the key implications of the new Acts are:
• Wider Bank Negara Malaysia oversight
• Greater responsibility on FIs to protect consumers
• More onerous directors’ duties
FIs may need to consider an integrated goods and services tax, Basel III and the US’s Foreign Tax Compliance Act (FATCA). This approach will help you capture and control the progress of various regulatory compliance programmes in a more efficient and timely manner.
PwC Alert is a digest of topical financial and business information for clients and business associates of PwC Malaysia. Whilst every care has been taken in compiling this newsletter, we make no representations or warranty (expressed or implied) about the accuracy, suitability, reliability or completeness of the information for any purpose. PwC Associates Sdn Bhd, its employees and agents accept no liability, and disclaim all responsibility, for the consequences of anyone acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. Recipients should not act upon it without seeking specific professional advice tailored to your circumstances, requirements or needs.