SPCAAM president J Solomon said that following the inquiry, Bank Negara Malaysia (BNM) must make public the shortcomings in the safeguards within the financial services industry against the risk of large sums being misappropriated.

“The safeguards within the industry must not just be able to keep up with organised crime syndicates but stay ahead of them,” he said in a statement.

He also said that BNM should examine whether banks have an adequate number of staff with the appropriate level of training to manage the risks the system is exposed to.

“The central bank should also review whether the services which have been outsourced and even offshored have created more risks for the sector,” he added.

Last week, 10 people were charged in the Kota Kinabalu sessions court with being members of an organised crime group, linked to fraudulent withdrawals of RM24.2 million.

They are bank managers Chin Nyuk Thien and Caroline Pianus Etip, pensioners Nasir Abdul Rasid and Leong Hin Ping, teacher Subramaniam Thangavelu, contractor Josepin J Langkan, fisherman Hasran Magin, Sugumaran K Ponniah who is self-employed, and two unemployed people, Vireonis Jonok and Mazlani Jenuary.

They were accused of being members of an organised crime group involved in serious offences to gain material benefits for the group, which Langkan allegedly led.

The charges were framed under Section 130V(1) of the Penal Code, which provides for a jail term of not less than five years and not more than 20 years upon conviction.

The alleged offences were committed at a bank branch in Kota Kinabalu between April 26 and July 10.