BNM imposed penalties on TNG Digital and two other companies

BNM imposed penalties on TNG Digital and two other companies

By NST Business - September 1, 2023 @ 6:38pm

Bank Negara Malaysia (BNM) today announced that it imposed administrative monetary penalties on three companies namely, TNG Digital Sdn Bhd, MPI Generali Insurans Bhd (MPGB) and Mandiri International Sdn Bhd (MISB).

KUALA LUMPUR: Bank Negara Malaysia (BNM) today announced that it imposed administrative monetary penalties on three companies namely, TNG Digital Sdn Bhd, MPI Generali Insurans Bhd (MPGB) and Mandiri International Sdn Bhd (MISB).

TNG Digital was fined RM600,000 on May 18, 2023 for onboarding two sanctioned individuals due to a failure conduct sanctions screening on the names of its customers; and to ascertain and make further enquiries that its customer matched with the United Nations Security Council Resolutions List or the Minister of Home Affairs Domestic List.

The penalty amount was determined by considering relevant aggravating and mitigating factors, including assessment of the remedial actions taken to address the non- compliances.

TNG Digital paid the fine on May 31, 2023.

MPGBi was fined RM260,000 on December 29, 2022 for onboarding one sanctioned person due to the delay in real-time screening of MPGB's customers against the Domestic and United Nations Securities Council Resolution List. 

It paid the fine on January 6, 2023.

MISB was fined RM134,400 on April 12, 2022 after an on-site examination by BNM discovered that a number of MISB's customers had conducted remittance transactions on behalf of third parties.

Further examination on these customers revealed that MISB had failed to identify and verify the beneficial owners for the remittance transactions. MISB paid the fine on April 7, 2023[