28-05-2025
Bank Negara Penalises BPMB RM493,500 For Non-Compliance
Bank Negara Malaysia had imposed an Administrative Monetary Penalty amounting to a total of RM493,500 on Bank Pembangunan Malaysia Berhad (BPMB) for not following non-compliance guidelines on customer due diligence (CDD) and sanctions screening requirements.
BPMB was imposed RM229,500 under the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions Policy Document.
In determining the imposition of the AMP, BNM considered the relevant aggravating and mitigating factors, including: BPMB's failure to take reasonable steps to ensure staff's sufficient understanding of the requirements; BPMB's remedial actions taken to rectify the gaps; and this is BPMB's first AML/CFT non-compliance.
The on 7 April 2025, BNM imposed RM264,000 on BPMB for the same offence. o
BPMB paid a total of RM493,500 for the AMP imposed by BNM on 5 March (RM229,500) and 16 April 2025 (RM264,000). Related
