The Financial Services Act 2013 (FSA – a consolidation of the Banking and Financial Institutions Act 1989, Payment Systems Act 2003, Insurance Act 1996 and Exchange Control Act 1953) came into force on June 30 2013. The FSA gives Bank Negara Malaysia (the Malaysian Central Bank – BNM) increased supervisory powers and flexibility to deal with risks – much needed in today's challenging global financial system.
January 24 2014
