KUALA LUMPUR, Oct 5 (Bernama) -- 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.
Issued by Corporate Communications Department, Agrobank ABOUT AGROBANK Agrobank is a leader in agriculture financing and values-based banking based (VBI)* in Malaysia. Established in 1969, Agrobank is actively involved in charting the growth and development of Malaysia’s agriculture industry by offering shariah compliant products and solutions across various customer segments including micro, small, medium and large retail and business customers. Agrobank is a full-fledged Islamic bank since 1st July 2015.
As a market driven, customer centric DFI (Development Financial Institution) with a primary focus on strengthening the agriculture sector in Malaysia, Agrobank strikes an equal balance to its developmental and commercial roles to benefit the agriculture sector. Agrobank provides a comprehensive repertoire of financing solutions for the agriculture community; that includes upstream activities related to primary food and commodities-based agriculture activities to downstream activities such as processing, marketing and distribution of agricultural products.
Agrobank also offers retail banking financing solutions to improve the well-being of the agriculture community. This is done through its network of 207 touchpoints which include 140 branches and 67 banking touchpoints.
In 2019, Agrobank celebrated its golden jubilee Anniversary, as it marks 50 years of its proud establishment developing the agro industry.
www.agrobank.com.my*VBI or value-based intermediation is an initiative by Bank Negara Malaysia (BNM) which aims to improve the products and services offered by Islamic financial institutions towards a better facilitation of entrepreneurship, community well-being, sustainable environment and economic growth, without compromising on shareholders’ returns 
