Uploaded August 2026 | Updated September 2026, 2 weeks ago

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Bank Negara Malaysia has imposed RM637,500 in penalties on Setel Ventures Sdn Bhd and RM132,000 each on Standard Chartered Bank Malaysia Bhd and Standard Chartered Saadiq Bhd for breaches of targeted financial sanctions requirements.

Setel failed to update its sanctions database promptly and screen customers against the latest Domestic List, while the two banks used an outdated sanctions database.

Bank Negara said the breaches were linked to gaps in sanctions screening controls and procedures.

All three have since taken remedial measures to strengthen their systems and compliance controls.

Read more: https://www.nst.com.my/business/corporate/2026/08/1519477/bnm-fines-setel-standard-chartered-bank-and-standard-chartered
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