Setel takes remedial steps after RM637,000 Bank Negara penalty
Petronas Dagangan says the regulatory gaps identified by the central bank did not involve customer transactions or impact customer funds.
Bank Negara Malaysia (BNM) imposed a RM637,500 administrative monetary penalty on Petronas Dagangan Bhd's subsidiary, Setel Ventures Sdn Bhd (Setel) on April 15. The penalty was issued for failing to promptly update its sanctions database following the publication of the Domestic List, which lists entities designated for anti-money laundering and terrorism financing purposes.
Setel notified the regulator of the issues and has since worked closely with BNM to address regulatory gaps identified in late 2023. These gaps were due to shortcomings in Setel's Standard Operating Procedures and sanctions screening system. Setel paid the fine on May 6, and the company reiterates its commitment to operating in full compliance with regulatory requirements and maintaining customer trust.
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- Setel takes remedial steps after RM637,000 Bank Negara penalty freemalaysiatoday.com
- Petronas Dagangan’s Setel says regulatory gaps fixed after RM637,500 BNM penalty malaymail.com
