KUALA LUMPUR – Bank Negara Malaysia (BNM) imposed a RM600,000 fine on TNG Digital Sdn Bhd, the owner and operator of Touch ‘n Go e-Wallet, in May for violating the Financial Services Act (FSA) 2013, among other offences.
BNM stated that TNG Digital paid the Administrative Monetary Penalty (AMP) on May 31, two weeks after being fined on May 18.
In a statement released today, BNM explained that the AMP was issued because the company reported to the bank that it had onboarded two individuals who were sanctioned under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Order 2014 (Amla) on two separate occasions.
BNM also stated that the company’s actions violated the FSA because it failed to conduct sanctions screening on its customers’ names.
“In regards to the second sanctioned person, TNG Digital failed to verify and conduct further inquiries to determine if its customer matched with the United Nations Security Council Resolutions List or the Home Affairs Ministry’s Domestic List.”
BNM further explained that the amount of the AMP was determined by considering relevant aggravating and mitigating factors, including an assessment of the remedial actions taken to address the non-compliances. – September 1, 2023
