KUALA LUMPUR: Malaysia's central bank said on Wednesday that it has fined Aeon Credit Service (M) Bhd
RM520,000 for breaches of targeted financial sanctions. AEON Credit, a Malaysian unit of Japan's Aeon Co, has since taken remedial measures and conducted refresher training for relevant staff to ensure compliance, Bank Negara Malaysia (BNM) said in a statement.
* AEON Credit had allowed a sanctioned entity to open an account with the company, BNM said, without naming the entity.
* The firm also delayed freezing the account despite confirmation that the customer was on a domestic sanctions list, BNM added.
* "These breaches were attributed to lack of staff oversight and (a) gap in AEON Credit’s standard operating procedure," the central bank said.
* It said AEON Credit paid the fine on April 16. - Reuters
