AMMB Holdings, which is 24% owned by Australian bank ANZ, has reportedly agreed to pay MYR 53.7m ($12.69m) over two of its subsidiary's non-compliance with certain regulations; the units involved were AmBank and AmBank Islamic. The deal will see the banks share a combined $US1.1bn in assets under management as part of an agreement that also includes a number of other regulatory matters.
AMMB Holdings, which is 24% owned by Australian bank ANZ, has reportedly agreed to pay MYR 53.7m ($12.69m) over two of its subsidiary's non-compliance with certain regulations; the units involved were AmBank and AmBank Islamic. Upon the announcement, AmBank Group said it took its compliance responsibility seriously and had agreed with Bank Negara’s four-year programme of work towards achieving market best practises, which will see it invest MYR 25m ($5.92m) in systems, infrastructure, and training annually for four years.