BNM imposed a fine of RM600,000 on TNG Digital
SHAH ALAM - Bank Negara Malaysia (BNM) has imposed an Administrative Monetary Penalty (AMP) of RM600,000 towards TNG Digital Sdn Bhd (TNGD) for violating the Financial Services Act 2013 (FSA) on May 18 this year.
BNM said the fine against TNGD involved two individuals who were punished under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Illegal Activities Act 2014 (AMLA).
BNM said it was clearly in violation of the relevant act because TNGD failed to carry out screening on the names of its customers.
"TNGD also did not conduct further investigation to determine whether its client matches the United Nations Security Council (UN) resolution list or the Ministry of Home Affairs (KDN) list.
"The amount of AMP is determined by taking into account adverse factors and relevant balancing including the evaluation of corrective actions taken to address the non-compliance," he said in a statement on Friday.
The statement added, TNGD paid RM600,000 on 31 May 2023.
