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 or CDD and ongoing due diligence or ODD obligations under the Money Services Business Act 2011 (MSBA).
The penalty, imposed on Aug 28, 2024, related to violations of sections 74 and 75(1)(b) of the MSBA, read with the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions Policy Document.
SSMZ paid the penalty on Aug 28, 2025.
Alipay settled the penalty on July 3, 2025. — Bernama
