Latest news with #SecurityCouncilResolutions
New Straits Times
01-05-2025
- Business
- New Straits Times
BNM imposes penalties totalling RM35,000 on Merchantrade, JAGS Money
KUALA LUMPUR: Bank Negara Malaysia (BNM) imposed a total of RM35,000 in administrative monetary penalties (AMP) on Merchantrade Asia Sdn Bhd and JAGS Money Sdn Bhd. In a statement today, the central bank said that an AMP of RM29,000 was imposed on Merchantrade Asia and RM6,000 on JAGS Money due to non-compliance with the Money Services Business Act 2011. "The non-compliances are due to Merchantrade Asia's oversight of sanctions screening procedures, and gaps in updating their sanctions database upon the publication of the Domestic List," BNM said. Merchantrade Asia, as a reporting institution, is required to conduct sanctions screening on existing, potential or new customers against the Domestic List and United Nations Security Council Resolutions (UNSCR) List as part of the customer due diligence and ongoing due diligence processes. It also has to ascertain that potential matches with the UNSCR List or Domestic List are true matches to avoid false positives. "In response, Merchantrade has since strengthened its processes by subscribing to a commercial database service to ensure it receives updates on the sanctions list in a timely manner, and that staff and agents are provided with regular on-the-job training to improve compliance," BNM said. Meanwhile, JAGS Money's non-compliances resulted from failure to promptly update the sanctions database upon the publication of the Domestic List and failure to conduct sanctions screening on new customers against the Domestic List. "JAGS paid a total of RM6,000 for the AMP imposed by BNM on March 17, 2025," the central bank said.
Free Malaysia Today
30-04-2025
- Business
- Free Malaysia Today
BNM slaps Merchantrade Asia with RM29,000 penalty
Bank Negara Malaysia said Merchantrade has since strengthened its processes by subscribing to a commercial database service. (Facebook pic) KUALA LUMPUR : Bank Negara Malaysia has imposed RM29,000 in administrative monetary penalties on Merchantrade Asia Sdn Bhd and RM6,000 on JAGS Money Sdn Bhd for breaching the Money Services Business Act 2011. 'The non-compliances are due to Merchantrade Asia's oversight of sanctions screening procedures, and gaps in updating its sanctions database upon the publication of the Domestic List,' BNM said in a statement. Merchantrade Asia, as a reporting institution, is required to conduct sanctions screening on existing, potential or new customers against the Domestic List and United Nations Security Council Resolutions (UNSCR) List as part of due diligence processes. It also has to ascertain that potential matches with the UNSCR List or Domestic List are true matches to avoid false positives. 'In response, Merchantrade has since strengthened its processes by subscribing to a commercial database service to ensure it receives updates on the sanctions list in a timely manner, and that staff and agents are provided with regular on-the-job training to improve compliance,' the central bank said. On the other hand, JAGS Money's non-compliance resulted from failure to promptly update the sanctions database upon the publication of the Domestic List and failure to conduct sanctions screening on new customers against the list.
The Star
30-04-2025
- Business
- The Star
Bank Negara imposes penalties totalling RM35,000 on Merchantrade Asia, JAGS Money
KUALA LUMPUR: Bank Negara Malaysia (BNM) imposed a total of RM35,000 in administrative monetary penalties (AMP) on Merchantrade Asia Sdn Bhd and JAGS Money Sdn Bhd. In a statement today, the central bank said that an AMP of RM29,000 was imposed on Merchantrade Asia and RM6,000 on JAGS Money due to non-compliance with the Money Services Business Act 2011. "The non-compliances are due to Merchantrade Asia's oversight of sanctions screening procedures, and gaps in updating their sanctions database upon the publication of the Domestic List,' BNM said. Merchantrade Asia, as a reporting institution, is required to conduct sanctions screening on existing, potential or new customers against the Domestic List and United Nations Security Council Resolutions (UNSCR) List as part of the customer due diligence and ongoing due diligence processes. It also has to ascertain that potential matches with the UNSCR List or Domestic List are true matches to avoid false positives. "In response, Merchantrade has since strengthened its processes by subscribing to a commercial database service to ensure it receives updates on the sanctions list in a timely manner, and that staff and agents are provided with regular on-the-job training to improve compliance,' BNM said. Meanwhile, JAGS Money's non-compliances resulted from failure to promptly update the sanctions database upon the publication of the Domestic List and failure to conduct sanctions screening on new customers against the Domestic List. "JAGS paid a total of RM6,000 for the AMP imposed by BNM on March 17, 2025,' the central bank said. - Bernama
Arab Times
05-03-2025
- Politics
- Arab Times
‘Kuwait committed to defending Palestinian rights'
KUWAIT CITY, March 5 : The representative of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah delivered Kuwait's speech during the Extraordinary Arab Summit in Cairo on Tuesday. His Highness the Crown Prince stressed the need for the summit to formulate a unified Arab position against any attempts to displace Palestinians, highlighting several steps. 1. Raising the Arab voice, rejecting any attempts to displace the Palestinian people, and refusing to blame countries of the region, namely Jordan, Egypt, and Saudi Arabia of any consequences for calls of displacement. 2. Formulate plan for the reconstruction of Gaza and compensate the Palestinian people for the damage caused in addition to holding the Israeli occupation responsible for rebuilding what its forces destroyed. 3. Holding the Israeli occupation accountable through international law, international humanitarian law, General Assembly and Security Council Resolutions, Human Rights Council, the International Criminal Court, and the International Court of Justice. 4. Pursuing the two-state solution concretely and realistically at the international conference for the implementation of the two-state solution in June. 5. Urge all UN member states that have not yet recognized Palestine to do so, and support Palestine in obtaining full membership status in the UN. 6. Unite Palestinian ranks and the administration of the Gaza Strip, and strengthen the Palestinian government's capabilities, in addition to unifying Arab ranks to protect Arab national security. 7. Strengthen financial and political support for the United Nations relief and Works Agency for Palestine Refugees in the Near East (UNRWA), and reject any attempts to reduce its role. His Highness reaffirmed Kuwait's position that a lasting, comprehensive, and just peace is the only way forward through what has been agreed upon in accordance with international resolutions, leading to establishing an independent Palestinian State on the borders of June 4, 1967, with East Jerusalem as its capital. Earlier, Representative of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah attended an 'iftar' banquet, hosted by Egyptian President Abdelfattah El-Sisi. The banquet was held on Tuesday evening in honor of leaders of the Arab countries participating in the Extraordinary Arab Summit in Egypt's New Administrative Capital, Cairo Governorate. Following the summit, His Highness the Crown Prince departed Cairo, where he was seen off by Egypt's Minister of Civil Aviation Dr. Sameh Al-Hafni, Kuwait's Minister of Foreign Affairs Abdullah Al-Yahya, Assistant Foreign Minister Ambassador Bader Al-Tunaib, and Kuwait's Permanent Representative to the Arab League Talal Al-Mutairi. His Highness the Crown Prince returned to Kuwait on Tuesday after leading the country's delegation to the summit. He was accompanied by Minister of Foreign Affairs Abdullah Al-Yahya and senior officials from the Crown Prince's Diwan. Upon his return, His Highness the Crown Prince sent a message of gratitude to President El-Sisi, thanking him for the warm reception and hospitality extended to the Kuwaiti delegation. (KUNA)
