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Agrobank Bags The Best Independent Compliance Assessment Report Award By PayNet For Three Years In A Row

KUALA LUMPUR, 5 OCTOBER 2022 – Agrobank is bestowed with recognition after securing the first place for the Payment Network Malaysia (PayNet) Best Independent Compliance Assessment Report 2021 Award under the Small Bank Category. The Bank has been awarded for the Best Independent Compliance Assessment Report for three consecutive years from 2019 to 2021.

According to Tengku Ahmad Badli Shah Raja Hussin, President / Chief Executive Officer of Agrobank, “We are honoured to have won this recognition for three years in a row. This recognition demonstrates our efficiency in promoting ‘compliance culture’ in the workplace to ensure robust verification of participants’ operational reliability, accuracy of Business Continuity Plan (BCP) and compliance. This strives Agrobank to incessantly be responsible in overseeing the Bank’s adherence to the applicable laws, regulations, guidelines, and specifications relevant to the Bank’s business.”  

“The guidelines for Assessment of Compliance to Participation Rules and Operational Procedures for PayNet’s services was first introduced in 2013. On an annual basis, Regulatory Compliance Department of Agrobank will conduct an independent assessment to assess the Bank’s compliance with the applicable Participation Rules and Operational Procedures issued by PayNet,” said Tengku Ahmad Badli Shah.

“The independent assessment submitted was evaluated based on the coverage and scope of work, non-compliance items disclosed, accuracy of reporting and assessment of thematic review areas which honoured Agrobank to receive this recognition. Through this winning, the award showcases our strong dedication to ensure all Agrobank processes improvement initiatives are fully aligned with the business objectives as well as the Bank’s overall business strategy to better manage compliance risk,” he added.

The award was presented by Ken Yon, Director of Risk and Compliance PayNet to Vincent Andrew, Head of Regulatory Assurance Section (RAS) of Agrobank and Farahaini Jupri, Assistant Manager RAS of Agrobank during the PayNet Compliance Engagement Session 2022 held on 21 September 2022.