KUALA LUMPUR – TNG Digital Sdn Bhd (TNGD), the owner and operator of Touch ‘n Go eWallet, is fully committed to comply with Bank Negara Malaysia’s (BNM) standards.
Chief executive officer Alan Ni said TNGD will continue to cooperate with BNM, adhere to protocols, and practise the highest standard of self-accountability.
“In support of the recent announcement made by BNM, TNGD is using these cases as a prime example of our strong compliance with BNM’s regulations and policies.
“With our users as our top priority, we aim to reinforce their confidence in the compliance of our platform,” said Ni in a statement today.
On September 1, BNM stated they had imposed an Administrative Monetary Penalty (AMP) of RM600,000 on TNGD for contravening the Financial Services Act 2013 (FSA) and the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regulations.
TNGD had voluntarily reported to BNM that it had, on separate occasions, onboarded two sanctioned individuals under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (Declaration of Specified Entities and Reporting Requirements) (Amendments) Order 2014.
These actions were in violation of the regulations because TNGD had failed to conduct sanctions screening on the names of its customers and failed to ascertain and make further enquiries that its customer matched with the United Nations Security Council Resolutions List or the Home Affairs Ministry Domestic List.
Besides TNGD, the central bank also imposed AMP on two other companies namely, MPI Generali Insurans Bhd (MPGB) and Mandiri International Sdn Bhd (MISB).
As such, in cooperation with BNM unwavering standards in compliance measures, TNGD had proactively came forward to the bank with its own discoveries during a periodic compliance review.
The group said although the actual breaches occurred more than three years ago and their total transactions on the TNGD platform were minimal, TNGD still treated these breaches with utmost seriousness and promptly reported them to the bank. – September 4, 2023