Bank Negara Malaysia (BNM) fined Touch ‘n Go Digital (TNGD) RM600,000 for violating the Financial Services Act 2013 and the company paid the fine on 31 May 2023.
BNM revealed that it imposed an administrative monetary penalty (AMP) on TNGD on 18 May, according to FMT.
This action was taken because TNGD had, on separate occasions, onboarded two individuals who had been sanctioned under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Order 2014, or Amla.
The Act was breached as TNGD had failed to conduct sanctions screening on its customers’ names.
Additionally, TNGD neglected to ascertain and conduct further inquiries to determine whether its customers matched with the United Nations Security Council resolution list or the home ministry’s domestic list.
BNM stated that the amount of the AMP was determined by taking into account various factors, including both aggravating and mitigating circumstances, as well as an assessment of the remedial actions taken to address the non-compliances.
