KUALA LUMPUR: Bank Negara Malaysia governor Datuk Muhammad Ibrahim said the fine paid by 1Malaysia Development Bhd (1MDB) for non-compliance marks the end of the central bank's investigation.
"There are other laws administered by other authorities and we will continue to give our cooperation on this matter,"he said at a media briefing on the sidelines of the 20th Banking Summit today.
On Wednesday, 1MDB announced its full payment of a fine following a letter of administrative compound to the fund for non-compliance with certain directions of BNM.
On whether Bank Negara is working with Singapore's Monetary Authority of Singapore, Muhammad responded "we have done our investigations".
MAS withdrew the licence of Swiss merchant bank BSI Bank following investigations on its links with 1MDB.
Asked to comment on the ongoing BSI Bank investigation, Muhammad said regulatory authorities will make the investigation based on the rules and regulations based on the jurisdiction.
"As far as we are concerned, there are other laws administered by other authorities."
Meanwhile AmBank Group chairman Tan Sri Azman Hashim described the RM53.7 millon fine by BNM as an expensive lesson and the financial institution is working hard to ensure `it does not happen again'.
The penalty which was imposed in November last year was due to a breach of regulations under Section 234 of the Financial Services Act 2013 and Sect 245 of the Islamic Financial Services Act 2013 by AmBank (M) Bhd and AmBank Islamic Bhd.
Azman, who is also chairman of the Financial Services Professional Board (FSPB), said compliance in the current environment is a difficult issue as even global banks with the best systems in place have also been fined millions due to non-compliance.
On the impact of the woes of troubled 1MDB to the banking system, he said regulations are getting tougher and money launderers are also getting smarter.
The human factor cannot be overlooked too, he said, pointing to his 12,000 staff strength.
"It is a costly thing but we need to upgrade and train our staff to be knowledgeable."
Following the penalty, the sixth largest lender agreed to a four-year programme of work towards achieving market best practices and announced it would set aside an average of RM25 million annually for four years for investment in systems, infrastructure and training.