KUALA LUMPUR: Malaysia’s central bank says 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
