Hello All
All one has to do is look up the law in Malaysia to find out. As I did and here is the link. I would hope that the moderators would keep this up so people can see for themselves what Pips and Bryan may be going through. If moderators delete the link you can PM and I will give you the link there.
http://www.lawyerment.com.my/library...000000-5.shtml
WHAT ARE THE FINANCIAL REQUIREMENTS AND DUTIES OF BANKING AND FINANCIAL INSTITUTION IN MALAYSIA ?
Every licensed bank or financial institution is required by the Central Bank of Malaysia to maintain
reserve fund
capital fund
liquid assets
assets in Malaysia.
Under Section 40 of the Banking and Financial Institutions Act 1989, every bank and financial institution must appoint each year before a date specified by the Central Bank of Malaysia, an auditor approved the Minister of Finance on the recommendation of Central Bank of Malaysia.
The duties of an auditor appointed shall be
to carry out, in case of local bank or financial institution, an audit of the accounts of the institution
to carry out, in case of foreign bank, an audit of the account of that bank in respect of its operation in Malaysia and
to submit a report of such audit to the members of the licensed institution
Within 3 months after the close of each financial year of a bank or financial institution, every such institution shall submit to the Central Bank of Malaysia, 2 copies of the following documents
its latest audited annual balance sheet, profit and loss account and statement setting out the sources of its funds, the purposes for which, and the manner in which, such funds have been utilized and
the report of
the auditor and
in the case of a bank or financial institution, the directors under Section 169(5) of the Companies Act 1965.
Every bank and financial institution shall within 14 days of the laying of its accounts at its annual general meeting
publish in not less than 2 daily local newspapers approved by the Central Bank of Malaysia, one which shall be in Malay language and the other in English and
exhibit thereafter throughout the year in conspicuous position at every office in Malaysia of the institution, a copy each of its balance sheet.
Apart from the above requirements, every bank and financial institution shall submit to the Central Bank of Malaysia
a statement showing the assets and liabilities of the institution at its principal place of business and at each other office of the institution in Malaysia respectively and
such further information, documents, statistics or returns as the Central Bank of Malaysia may specify.