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BUSINESS • 29/07/2026 04:49 PM

BNM Imposes Administrative Monetary Penalties On Pacific Insurance, Wang S Enterprise

KUALA LUMPUR, July 29 (Bernama) -- Bank Negara Malaysia (BNM) has imposed administrative monetary penalties on The Pacific Insurance Bhd (TPIB) for breaching a requirement under the Financial Services Act 2013 and on Wang S Enterprise Sdn Bhd for non-compliance with the Money Services Business Act 2011.

In a statement today, BNM said it imposed a RM336,000 administrative monetary penalty on TPIB on May 28, 2026, for failing to comply with the requirement to have an approved chief executive officer (CEO) at all times.

“TPIB did not comply with this requirement, as its CEO position was vacant between Nov 21, 2024 and March 23, 2026,” it said.

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BNM said the breach was attributed to TPIB’s inadequate succession planning, which resulted in its failure to identify and submit a suitable CEO candidate application for approval in a timely manner.

“During the vacancy period, however, TPIB implemented controls to ensure no material disruption to its day-to-day operations,” it said.

These included the appointment of a representative and continuous oversight by the board.

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TPIB has since appointed a CEO effective March 24, 2026, with BNM’s approval, and paid the RM336,000 penalty on June 9.

Separately, BNM imposed a RM16,000 administrative monetary penalty on Wang S Enterprise, a money services business licensee, for failing to submit statistical information within the stipulated timeline.

“Timely submission of statistical information is essential for BNM’s risk monitoring, statistical publications and policymaking,” it said.

BNM said the number of non-compliances and the licensee’s historical compliance records were considered in deciding the quantum of the penalty.

“Wang S Enterprise has since paid the penalty imposed by BNM and has taken remedial steps to rectify the lapses, including to submit outstanding reports,” it said.

BNM said both enforcement actions were in line with the approach and processes outlined in its published Enforcement Approach.

-- BERNAMA

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