ROMS meaning in General ?
Answer: 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).
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