KUALA LUMPUR, Sept 24 — Bank Negara Malaysia (BNM) has imposed administrative monetary penalties of RM193,500 on Syarikat S M Ziaudeen Sdn Bhd (SSMZ) and RM340,000 on Alipay Malaysia Sdn Bhd for regulatory non-compliance.
It said that SSMZ had breached customer due diligence (CDD) and ongoing due diligence (ODD) obligations under the Money Services Business Act 2011 (MSBA).
The penalty, imposed on August 28 last year, related to violations of sections 74 and 75(1)(b) of the MSBA, read with the Anti-Money Laundering, Countering Financing of Terrorism, and Targeted Financial Sanctions for Financial Institutions Policy Document (AML/CFT and TFS for FIs PD).
SSMZ paid the penalty on August 28 this year.
In a statement today, BNM said that Alipay's RM340,000 penalty, imposed on June 19, stemmed from breaches of paragraph 48(1)(a) of the Financial Services Act 2013 (FSA), also read with the AML/CFT and TFS for FIs PD.
Alipay settled the penalty on July 3.
The central bank added that the enforcement actions were consistent with the procedures outlined in its enforcement approach.
