Banks must reimburse scam victims if negligence on their part is proven, Prime Minister Datuk Seri Anwar Ibrahim declared during the Prime Minister's Question Time in the Dewan Rakyat today. He highlighted that this principle is supported by provisions within Malaysia's Criminal Procedure Code (CPC) Act 593.

Citing Section 413 of the CPC, Anwar revealed that significant progress has been made in returning funds to scam victims. "To date, under Section 413, RM138,407 belonging to scam victims has been successfully reimbursed," he shared. This reflects the government's commitment to ensuring that victims receive justice.

Anwar further emphasized that financial institutions must bear responsibility if they are found to have failed to adhere to regulatory standards. "If bank negligence is identified, the bank must pay. For example, there are cases where victims have already received their money back after such determinations," he said.

The Prime Minister endorsed a similar principle applied in the United Kingdom, where banks compensate victims if their failure to monitor and regulate adequately is established as the cause of financial theft. "I agree with this principle, and it should be applicable here," he stated.

Anwar was responding to a supplementary question from Nurul Amin Hamid (PN-Padang Terap), who inquired about holding banks accountable for negligence resulting in the theft of funds from customer's accounts.

This development is a significant step towards fostering accountability within Malaysia's banking sector and protecting consumers from financial losses due to scams. It also reinforces the government's commitment to adopting global best practices in safeguarding the public's financial interests.

Source: Berita Harian