{"id":111943,"date":"2026-08-27T04:30:11","date_gmt":"2026-08-27T04:30:11","guid":{"rendered":"https:\/\/www.europesays.com\/britain\/111943\/"},"modified":"2026-08-27T04:30:11","modified_gmt":"2026-08-27T04:30:11","slug":"bnm-fines-petronas-setel-and-stanchart-units-rm901500-over-sanctions-breaches","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/britain\/111943\/","title":{"rendered":"BNM Fines Petronas\u2019 Setel and StanChart Units RM901,500 Over Sanctions Breaches"},"content":{"rendered":"<p>Free Newsletter<\/p>\n<p>Get the hottest Fintech Malaysia News once a month in your Inbox<\/p>\n<p><a href=\"https:\/\/fintechnews.my\/tag\/Bank-Negara-Malaysia\" target=\"_blank\" rel=\"noopener nofollow\">Bank Negara Malaysia (BNM)<\/a> has fined <a href=\"https:\/\/fintechnews.my\/tag\/Setel\/\" target=\"_blank\" rel=\"noopener nofollow\">Setel<\/a> and two Standard Chartered entities a combined RM901,500 over sanctions screening failures.<\/p>\n<p>Setel Ventures was fined RM637,500. <a href=\"https:\/\/fintechnews.my\/tag\/Standard-Chartered\" target=\"_blank\" rel=\"noopener nofollow\">Standard Chartered Bank Malaysia<\/a> and <a href=\"https:\/\/fintechnews.my\/tag\/Standard-Chartered-Saadiq\/\" target=\"_blank\" rel=\"noopener nofollow\">Standard Chartered Saadiq<\/a> received penalties of RM132,000 each.<\/p>\n<p>BNM identified Setel\u2019s breaches after the company submitted a report involving several individuals or entities on Malaysia\u2019s Domestic List.<\/p>\n<p>&#13;<\/p>\n<p>   <a href=\"https:\/\/bit.ly\/4qqcz8I\" target=\"_blank\" rel=\"nofollow noopener\">&#13;<br \/>\n<img loading=\"lazy\" decoding=\"async\" border=\"0\" src=\"https:\/\/www.europesays.com\/britain\/wp-content\/uploads\/2026\/08\/0508-Webinar-Thunes-600x500-ezgif.com-optimize-2.gif\" width=\"600\" height=\"500\"\/><\/a><br \/>\n&#13;<\/p>\n<p>Setel Ventures operates Petronas\u2019 Setel app, which provides fuel payments and other mobility services.<\/p>\n<p>Further checks found that Setel had not promptly updated its sanctions database or screened its customer records as required.<\/p>\n<p>It also failed to determine whether potential matches were genuine.<\/p>\n<p>BNM attributed the breaches to gaps in Setel\u2019s standard operating procedures and screening system.<\/p>\n<p>The company has since updated its procedures and strengthened its internal controls.<\/p>\n<p>It paid the RM637,500 penalty on 6 May 2026.<\/p>\n<p>Standard Chartered Units Fined RM264,000<\/p>\n<p>BNM uncovered the separate breaches at Standard Chartered Bank Malaysia and Standard Chartered Saadiq during an on-site examination.<\/p>\n<p>The two banks failed to update their sanctions database promptly after the Domestic List was published.<\/p>\n<p>This resulted in customers being checked against outdated information.<\/p>\n<p>However, BNM found that the banks had not onboarded any listed individuals or entities or processed transactions involving them.<\/p>\n<p>The regulator attributed the breaches to gaps in the banks\u2019 controls and weaknesses in aligning their screening process with regulatory requirements.<\/p>\n<p>Both banks have since strengthened their oversight and improved the timeliness of their database updates.<\/p>\n<p>They each paid the RM132,000 penalty on 15 June 2026.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>Featured image: Edited by Fintech News Malaysia, based on image by <a href=\"https:\/\/www.magnific.com\/free-ai-image\/judge-with-gavel-courtroom_419063354.htm\" target=\"_blank\" rel=\"noopener nofollow\">Magnific<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Free Newsletter Get the hottest Fintech Malaysia News once a month in your Inbox Bank Negara Malaysia (BNM)&hellip;\n","protected":false},"author":2,"featured_media":111944,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[21387],"tags":[46065,46008,20677,46009],"class_list":["post-111943","post","type-post","status-publish","format-standard","has-post-thumbnail","category-standard-chartered","tag-bank-negara-malaysia-bnm","tag-setel","tag-standard-chartered","tag-standard-chartered-saadiq"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/117165596575553362","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/111943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=111943"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/111943\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/111944"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=111943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=111943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=111943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}