Bank Negara fines Syarikat S M Ziaudeen, Alipay Malaysia for non-compliance

KUALA LUMPUR: Bank Negara Malaysia (BNM) has imposed administrative monetary penalties of RM193,500 on Syarikat S M Ziaudeen Sdn Bhd (SSMZ) and RM340,000 on Alipay Malaysia Sdn Bhd (Alipay) for regulatory non-compliance.

In a statement, BNM said SSMZ had breached customer due diligence (CDD) and ongoing due diligence (ODD) obligations under the Money Services Business Act 2011 (MSBA).