BNM fines Setel, Standard Chartered Bank and Standard Chartered Saadiq for non-compliance
KUALA LUMPUR: Bank Negara Malaysia (BNM) has imposed administrative monetary penalties on Setel Ventures Sdn Bhd, Standard Chartered Bank Malaysia Bhd and Standard Chartered Saadiq Bhd for failing to comply with targeted financial sanctions (TFS) requirements.
KUALA LUMPUR: Bank Negara Malaysia imposed administrative monetary penalties on three banking entities for non-compliance with targeted financial sanctions requirements. Setel Ventures, Standard Chartered Bank Malaysia, and Standard Chartered Saadiq were fined a total of RM899,000 for failing to update their sanctions databases promptly and conduct proper screenings.
Setel was fined RM637,000 on April 15, 2026, for gaps in its standard operating procedure and sanctions screening system. The bank has since rectified these issues and paid the fine. Standard Chartered Bank and Standard Chartered Saadiq received separate fines of RM132,000 each on June 15, 2026, due to outdated databases and insufficient sanctions screening controls.
Both banks acknowledged the breaches and strengthened their controls accordingly, paying their fines. These enforcement actions align with Bank Negara Malaysia's published Enforcement Approach.
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