THE BANKING AND FINANCIAL INSTITUTIONS ACT, 1989 Introduction
The objective of the Banking & Financial Institutions Act, 1989 (BAFIA) is "to provide new laws for the licensing and regulation of the institutions carrying on banking, finance company, merchant banking, discount house and money-broking business, for the regulation of institutions carrying on certain other financial businesses, and for the matters incidental thereto or connected therewith".BAFIA was introduced to provide for an integrated supervision of the Malaysian financial system and also to provide the Central Bank with the power to speedily investigate and prosecute, if necessary any illegal activities in an attempt o reduce white-collar crime.
Scope & Ambit Of The Act
BAFIA came into force on 1st October, 1989, Section 128 of BAFIA provides that the Finance Companies Act, 1969 and the Banking Act, 1973 are repealed from the effective date but, notwithstanding the repeal, all regulations, orders, guidelines, circulars, licenses, approvals issued or granted under the 1969 and 1973 Acts and transactions carried out under these Acts continue to be valid and lawful until amended by the provisions of BAFIA
Section 122 of BAFIA provides that where the Minister issues any directive or order under section 24(1) or 93(1) the provisions of the Companies Act, 1965 would continue to apply in addition and not in derogation of such directives and orders, but where there is any conflict between the provisions of the Companies Act and BAFIA regarding any matter under such directive/order, the provisions of BAFIA shall prevail. Section 123 provides the BAFIA shall not affect or derogate from the provisions of the Exchange Control Act, 1953 and in the event of any conflict between the two Acts, the provisions of the Exchange Control Act shall prevail.
Section 124 provides that BAFIA shall not apply to an Islamic Bank.
There are three groups of institutions covered under BAFIA namely :
- licensed institutions namely commercial banks, finance companies, merchant banks, discount houses and money brokers
- scheduled institutions which include credit and charge card companies building societies, factoring and leasing companies, and development finance institutions and
- non-scheduled institutions which include institutions engaged in the provision of finance but other than those named above
Tuesday, 15 May 2012
Isu NFC - Rafizi perkenalkan Whistleblower
Venue : Ibupejabat PKR, Merchant Square, Damansara, Selangor
Event : Sidang media
Date : 14/5/2012 @ 10.20 am
Bekas kakitangan Public Bank, cawangan Jinjang bernama Johari Mohamad telah dikenal pasti sebagai orang yang bertanggungjawab membocorkan maklumat mengenai akaun Pengerusi NFC kepada Rafizi.
Setiap kakitangan bank akan diberi latihan dan pengetahuan mendalam mengenai undang undang yang menyelaras industri bank iaitu Banking and Financial Institution Act 1989 (BAFIA).
Siapa dia Rafizi ini untuk memberi amaran kepada BNM?
"His head is geeting too big and things are getting out of hand...." itu lah keluhan dua wartawan yang turut sama mengikuti sidang media oleh Rafizi... mungkin ada benar nya.. meletakkan kesalahan kepada semua orang dan cuba menonjolkan diri sebagai Mister Know All.... Kalau lah dia tahu dalam ramai ramai wakil media yang berada didepan beliau ada yang mempunyai pengalaman dalam pengurusan kanan Bank selama lebih sepuloh tahun....