New Straits Times - - News -

Board from a sur­vey of bank­ing pro­fes­sion­als last year, he said the re­sults were sober­ing.

Twenty-three per cent of re­spon­dents ob­served that su­per­vi­sors re­warded un­eth­i­cal be­hav­iours.

Another 15 per cent stated they would act un­eth­i­cally when not be­ing watched or mon­i­tored.

“Our jour­ney is far from over and more needs to be done to fur­ther strengthen char­ac­ter in bank­ing com­mu­nity.”

The eco­nomic con­se­quences re­lated to eth­i­cal choices could be dire and ex­pen­sive, he warned.

Mis­con­duct costs in­curred by banks glob­ally ex­ceeded US$320 bil­lion since 2008, with US$42 bil­lion (RM182.2 bil­lion) in 2016 alone.

Muham­mad said there should be a clear tone from the top that un­eth­i­cal be­hav­iour would not be tol­er­ated.

“As a com­mu­nity, we can­not pos­si­bly ex­pect eth­i­cal be­hav­iour to be bur­nished if we per­sist in re­tain­ing, hir­ing or re­ward­ing peo­ple who had acted oth­er­wise.”

BNM has en­hanced stan­dards for cor­po­rate gov­er­nance, strength­ened re­quire­ments for Kuala Lumpur In­ter­bank Of­fered Rate set­ting and in­tro­duced code of con­duct for the Malaysian whole­sale fi­nan­cial mar­kets.

The event was par­tic­i­pated by 1062 AICB mem­bers.

Datuk Seri Muham­mad Ibrahim

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