Embark on a journey of knowledge! Take the quiz and earn valuable credits.
Challenge yourself and boost your learning! Start the quiz now to earn credits.
Unlock your potential! Begin the quiz, answer questions, and accumulate credits along the way.
Embark on a journey of knowledge! Take the quiz and earn valuable credits.
Challenge yourself and boost your learning! Start the quiz now to earn credits.
Unlock your potential! Begin the quiz, answer questions, and accumulate credits along the way.
+10 pts
What is Ringgit Operations Monitoring System mean?
Ringgit Operations Monitoring System (ROMS) is a large-value foreign exchange transaction reporting system owned and operated by Bank Negara Malaysia (BNM), the central bank of Malaysia. It automates a major part of compliance reporting between Authorised Dealers (who are licensed FX intermediaries) and Bank Negara Malaysia (BNM).
ROMS is built using web-based technology and runs on a web browser on a PC workstation to minimise cost, ease maintenance and establish a user-friendly interface.
Data security is implemented by using a secure private broadband network between BNM and financial institutions. This network is called FINET. ROMS is not deployed over the Internet.FINET in turn, runs over COINS, a nationwide enterprise level data network operated by Telekom Malaysia, the national telecommunication provider. Users are authenticated via a password challenge-response process, IP address registration and digital certificates.
Reporting financial institutions are required to report all wholesale FX transactions above USD $1 million on trade date basis.
The daily system start-up time for ROMS is at 8:00 a.m. while the system cut-off time for the submission via ROMS is at 5:00 p.m. Any extension on the system cut-off time is at BNM's discretion based on the financial institution (FI) or authorised dealer (AD) request; however, the authorised dealer will be charged a specific fine in order to do so.
If a failure to submit all transaction reports occurs on the same day into the ROMS system, BNM will impose a fine to the specific AD as a penalty.
Other FX transactions below USD $1 million and above RM 50,000 are recorded on a lagged basis but must be within the fortnightly reporting period (before the 15th and end-of-month).
referencePosted on 17 Oct 2024, this text provides information on Miscellaneous in General related to General. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
Turn Your Knowledge into Earnings.
Ever curious about what that abbreviation stands for? fullforms has got them all listed out for you to explore. Simply,Choose a subject/topic and get started on a self-paced learning journey in a world of fullforms.
OPEN APP
Click "Allow Notifications" in Your Browser to Access Quiz and Earn Rewards! 🚀
Write Your Comments or Explanations to Help Others