Touch ‘n Go fined RM600,000 for violating Financial Services Act

 

TNG Digital failed to conduct sanctions screening on the names of its customers, according to Bank Negara Malaysia. (Touch ‘n Go pic)

PETALING JAYA: Touch ‘n Go has been fined RM600,000 by Bank Negara Malaysia (BNM) for violating the Financial Services Act 2013.

BNM said it imposed an administrative monetary penalty (AMP) on TNG Digital Sdn Bhd (TNGD) on May 18 after it had, on separate occasions, onboarded two people who had been sanctioned under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Order 2014, or Amla.

In a statement, it said these actions were in violation of the Act because TNGD had failed to conduct sanctions screening on the names of its customers.

The central bank said TNGD also did not ascertain and make further enquiries to determine whether its customers matched with the United Nations Security Council resolution list or the home ministry’s domestic list.

“The AMP amount was determined by considering relevant aggravating and mitigating factors, including assessment of the remedial actions taken to address the non-compliances,” BNM said.

TNGD paid the RM600,000 fine on May 31. - FMT