KUALA LUMPUR: TNG Digital Sdn. Bhd, which was fined by Bank Negara Malaysia (BNM) in May this year for onboarding two sanctioned individuals on to its platform, said today it has conducted a thorough review, and made improvements to its internal procedures and systems, to prevent future breaches of the Financial Services Act 2013 (FSA).
TNG Digital was fined RM600,000 on May 18, 2023 for onboarding two sanctioned individuals due to a failure conduct sanctions screening on the names of its customers; and to ascertain and make further enquiries that its customer matched with the United Nations Security Council Resolutions List or the Minister of Home Affairs Domestic List.
TNG Digital paid the fine on May 31, 2023.
In a statement released today, TNG Digital said it reported the breaches to BNM when it was discovered, during a period compliance review.
The breaches actually occurred more than three years ago.
"As a business that upholds transparency and accountability, TNG Digital is fully committed to complying with BNM's standards.
Given the significant reliance of our base of over 21 million users that rely on us for their daily transactions, we promptly reported these two cases that contravene the FSA," it said in the statement.