FIN360 Legal Aspects And Ethics In Banking UITM Assignment Answers Malaysia

FIN360 Legal Aspects And Ethics In Banking course is designed to provide students with an understanding of the legal aspects of banking and the ethical considerations that need to be taken into account when working in the banking industry. The course will cover a range of topics such as contracts, negligence, consumer protection, financial regulation, and money laundering. In addition, the course will also look at ethical issues such as conflicts of interest, bribery, and corruption. By the end of the course, students should have a good understanding of the legal and ethical issues that they need to be aware of when working in the banking industry.

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Assignment Activity 1: Identify and explains the various legal aspects relating to commercial banks.

Commercial banks are subject to a variety of laws and regulations, which govern their operations and activities. These laws and regulations are designed to protect consumers, depositors, and investors, and to ensure the stability and integrity of the banking system. Some of the most important laws that apply to commercial banks include the Banking Act 1959, the Banking Ordinance 1962, the Central Bank of Malaysia Act 2009, and the Financial Services Act 2013.

• The Banking Act 1959 is the primary piece of legislation governing the operations of commercial banks in Malaysia. The act sets out the requirements for licensing and registration of banks, as well as the prudential rules that banks must follow. The act also establishes the role of the central bank, Bank Negara Malaysia, in supervising and regulating the banking sector.
• The Banking Ordinance 1962 sets out the offenses that can be committed by banks and their employees, and the penalties that may be imposed. The ordinance also provides for the establishment of a Deposit insurance scheme, which protects depositors in the event of a bank failure.
• The Central Bank of Malaysia Act 2009 establishes the legal framework for the operation of Bank Negara Malaysia, the country’s central bank. The act sets out the powers and functions of the central bank, as well as the rules that it must follow in carrying out its supervisory and regulatory role.
• The Financial Services Act 2013 is the primary piece of legislation governing the financial services sector in Malaysia. The act sets out the regulatory framework for all financial institutions, including banks. The act also establishes the Malaysian Financial Planning Council, which is responsible for supervising and regulating the financial planning profession.

These are some of the key laws that apply to commercial banks in Malaysia. Understanding these laws is important for anyone working in the banking industry, as they govern the way in which banks must operate.

Assignment Activity 2: Use relevant statutes and laws to solve the problems relating to banking operations.

Malaysia has a detailed and comprehensive statutory framework governing banking operations. The financial sector is regulated by the Central Bank of Malaysia, which is responsible for promoting monetary stability and supervising financial institutions.

The Banking Act regulates the activities of banks and prescribes minimum capital requirements, prudential limits on lending and investment, and other measures to ensure the stability of the banking system. The act also establishes the Malaysia Deposit Insurance Corporation, which provides insurance for bank deposits up to a certain limit.

In addition, the Shariah Advisory Council provides guidance on Islamic banking and finance. These laws and regulations provide a strong foundation for the banking sector in Malaysia, ensuring its stability and protecting consumers.

Assignment Activity 3: Discuss the current issues and latest development in banking operations.

Current issues of banking operations in Malaysia include the implementation of the Goods and Services Tax (GST), the liberalization of the banking sector, and the increasing competition from foreign banks.

• The GST is a value-added tax that was introduced in 2015. The tax applies to all goods and services sold in Malaysia, including banking services. The GST has had a negative impact on the banking sector, as it has increased the cost of doing business.
• The liberalization of the banking sector refers to the gradual loosening of restrictions on the entry of foreign banks into Malaysia. This process began in the early 1990s and has resulted in a more competitive banking landscape.
• Foreign banks now account for about 20% of the total assets in the banking sector. The increased competition has put pressure on Malaysian banks to improve their efficiency and service quality.

The latest development in banking operations in Malaysia is the introduction of new technologies, such as mobile banking and cloud computing. These technologies are helping banks to improve their efficiency and reach a larger number of customers.

• Mobile banking allows customers to access their bank accounts using their smartphones. This convenient service is becoming increasingly popular, as it allows customers to bank anytime, anywhere.
• Cloud computing is a new technology that allows banks to store and process data on remote servers. This allows banks to reduce their costs and improve their scalability.

These are some of the current issues and latest developments in banking operations in Malaysia. Understanding these changes is important for anyone working in the banking industry, as they will have a significant impact on the way banks operate.

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