Setel Ventures Sdn Bhd has implemented remedial measures after Bank Negara Malaysia identified regulatory gaps involving targeted financial sanctions requirements.
The Petronas Dagangan subsidiary said it has updated its internal processes and strengthened controls following the central bank’s findings.
Setel strengthens compliance systems after BNM sanctions screening penalty
Bank Negara had imposed an administrative monetary penalty of RM637,500 on Setel on April 15 after finding that the company had failed to promptly update its sanctions screening database.
The central bank said the breaches were linked to gaps in Setel’s standard operating procedures and sanctions screening system.
Setel said the identified gaps have since been addressed, with improvements fully incorporated into its operations. The company also reaffirmed its commitment to regulatory compliance and strengthening internal controls.
The penalty was paid on May 6, while the company said the remediation measures are intended to ensure continued alignment with regulatory expectations.
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