Bank Negara Malaysia Imposes Fines on Setel and Standard Chartered

2026-08-28

Bank Negara Malaysia (BNM) has recently imposed fines on two financial entities, namely Setel Ventures Sdn Bhd and Standard Chartered Bank Malaysia Berhad. This action was taken because both companies were found to have failed to comply with financial sanctions screening regulations set by the authorities.

According to an official statement, the failure involved a breach of targeted financial sanctions regulations. These regulations are crucial to ensuring that the country's financial system is not used for illegal activities or activities involving parties subject to international sanctions.

Setel Ventures, a wholly-owned subsidiary of PETRONAS, and Standard Chartered received the fine notices after BNM's internal investigation found weaknesses in their compliance systems. The bank and the company involved must ensure that customer screening processes are conducted more thoroughly in the future.

This enforcement measure demonstrates Bank Negara Malaysia's commitment to maintaining the integrity of the country's financial system. It also serves as a reminder to all financial institutions and financial technology companies in Malaysia to strictly adhere to regulatory guidelines to avoid the risk of financial crime.