The Asian Institute of Chartered Bankers (AICB) signed a collaborative agreement with ACI – Financial Markets Association of Malaysia (FMAM), and the Asian Banking School (ABS) on 31st October 2016 at Sasana Kijang, Bank Negara Malaysia. This agreement was signed to further solidify the working relationship AICB and ABS have had with FMAM since 1995, where FMAM has been working closely with IBBM (now AICB) to formulate and undertake the entry examinations for the Pasaran Kewangan Malaysia Certificate (PKMC) for the dealers and brokers in the Malaysian wholesale financial markets. Bank Negara Malaysia’s code of conduct of 1994 had made it mandatory for all dealers and brokers to be authorised and to secure a pass in the PKMC exam as a pre-condition to practice in the treasury domain. Since the introduction of the PKMC, a total of 2062 dealers and brokers, including Bank Negara Malaysia dealers, have graduated and this certification is now seen as an industry standard to be recognised as a professional dealer or broker.
In this new collaboration, all new members who pass the examinations in its entirety or who are existing FMAM Ordinary members, a prerequisite for trading in the Malaysian financial markets, will be granted a dual membership in both FMAM and AICB.
Datuk Muhammad bin Ibrahim, Governor of Bank Negara Malaysia, who graced this ceremony as a Guest of Honour reiterated the importance of integrity and maintaining confidence in our financial markets. He also launched a consultation paper on a new Code of Conduct for the Malaysia Wholesale Money and Foreign Exchange Market.
AICB and FMAM will continue to work together to strengthen the framework for enforcement of the code of conduct for their members.