Petronas Dagangan’s Setel says regulatory gaps fixed after RM637,500 BNM penalty

Bank Negara Malaysia (BNM) has imposed a RM637,500 administrative monetary penalty on Setel Ventures Sdn Bhd (Setel) for failing to promptly update its sanctions database upon the release of the Domestic List. Petronas Dagangan Bhd's subsidiary, Setel, has taken remedial steps to address regulatory gaps identified by the central bank.

The company has reported these findings to BNM and has engaged in close, constructive dialogue throughout the review process. The issues relate to internal reviews conducted by Setel in late 2023 and did not involve any customer transactions or funds. Setel has stated that these enhancements have been fully integrated into its current operations to maintain compliance with regulatory expectations.

Despite the penalty, Petronas Dagangan affirmed that Setel remains committed to operating in full compliance with regulatory requirements and upholding customer and stakeholder trust. BNM imposed the penalty on April 15, attributing the breaches to gaps in Setel's standard operating procedures and sanctions screening system. Setel paid the penalty on May 6.