Bank Negara imposes penalties on three companies for non-compliance amounting to RM40,400

KUALA LUMPUR: Bank Negara Malaysia has imposed administrative monetary penalties (AMPs) totaling RM40,400 on three companies for non-compliance with customer due diligence (CDD) requirements. Wawasan Ilham (M) Sdn Bhd (WISB) and SMJ Teratai Sdn Bhd were fined RM22,000 and RM6,900 respectively, while Ruhanmas Forex Sdn Bhd received an AMP of RM11,500.

The breaches were discovered during on-site supervisory examinations by Bank Negara. The central bank found that WISB and SMJ Teratai failed to conduct CDD on customers for money-changing transactions due to inadequate oversight, weak compliance culture, and lack of reasonable care in implementing CDD requirements. Ruhanmas Forex Sdn Bhd was penalized for not maintaining a sanctions screening mechanism and conducting sanctions screening on its customers, attributed to their lack of understanding of regulatory requirements. All companies have complied with the penalties imposed.