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Covid-19: Government issues SOPs for financial services sector

08 May 2020

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 (‘MOF SOPs’).
 
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 –
 
  • all activities in the financial services sector are allowed to operate except those which are set out in the List of Prohibited Activities. In this regard, the List of Prohibited Activities prohibits financial institutions from selling and marketing banking and financial services outside their premises or in public areas;

  • Bank Negara Malaysia has prepared detailed health and safety guidelines for financial services providers; and

  • the MOF SOPs is a living document which will be reviewed from time to time.
Our summary (in the English language) of the salient points of the MOF SOPs is available here.

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