BNM Imposes Penalties On Three Companies For Non-compliance Amounting To RM40,400

KUALA LUMPUR, Sept 30 (Bernama) -- Bank Negara Malaysia (BNM) imposed administrative monetary penalties (AMPs) of RM22,000 on Wawasan Ilham (M) Sdn Bhd (WISB) and RM6,900 on SMJ Teratai Sdn Bhd for failing to comply with customer due diligence (CDD) requirements.

BNM said it discovered the breach following an on-site supervisory examination of WISB.

“During the examination, it was found that WISB had failed to conduct CDD on a customer for a money-changing transaction due to inadequate oversight and weak compliance culture,” it said in a statement.

The central bank noted that it also discovered the breach following a supervisory examination of SMJ Teratai.

“During the examination, it was found that SMJ Teratai had failed to conduct CDD on a customer for money-changing transactions due to a lack of reasonable care in implementing the CDD requirement by its staff,” it said.

Meanwhile, BNM also imposed an AMP of RM11,500 on Ruhanmas Forex Sdn Bhd for failure to comply with targeted financial sanctions requirements.

It said BNM discovered the breaches following an on-site supervisory examination of Ruhanmas.

“During the examination, it was found that Ruhanmas had failed to maintain a sanctions screening mechanism and to conduct sanctions screening on its customers.

“These breaches were attributed to Ruhanmas’ lack of understanding of applicable regulatory requirements,” it added.

All the companies have paid the penalties.

-- BERNAMA