On 1 May 2020, the Prime Minister of Malaysia announced that all businesses except those which are set out in the List of Prohibited Activities
are permitted to operate from 4 May 2020 (‘MCO Phase 4’) subject to strict compliance with the standard operating procedures (‘SOP’) established by the relevant regulatory authorities. Our earlier Alert on MCO Phase 4 is available here
The Ministry of Finance had on the same day issued SOPs for the financial services sector
The MOF SOPs apply to all financial services, including banking institutions, insurance/ takaful institutions, development financial institutions, approved and registered intermediaries and agent banking.
The MOF SOPs state that –