KUALA LUMPUR: Bank Negara Malaysia (BNM) has imposed administrative monetary penalties of RM1.04mil on Zurich General Insurance Malaysia Bhd (ZGIMB) and RM520,000 on Zurich General Takaful Malaysia Bhd for non-compliance with targeted financial sanction (TFS) requirements on Jan 19.
In a statement today, the central bank said that, as reporting institutions (RIs), Zurich entities are required to update their sanctions database without delay upon publication of the Domestic List.
It said that all RIs must comply with TFS requirements and that it will not hesitate to take supervisory and/or enforcement action against those that fail to meet legal and regulatory obligations.
They should also conduct sanctions screening on existing, prospective and new customers against both the Domestic List and the United Nations Security Council Resolutions List as part of customer due diligence.
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