Image Credit: Touch n Go
Bank Negara has fined TNG up to RM600,000 for breaching the Financial Services Act 2013 (FSA).
Through the citation, Bank Negara stated that TNG had violated two financial laws, including the Anti-Money Laundering and Anti-Terrorist Financing Acts.
3 Other Companies Violated Financial Services Act 2013
The decision to impose the fine was based on a number of factors, including the assessment of remedial measures. The final decision was to impose a fine of RM600,000, which was paid on May 31 this year.
Apart from TNG, Bank Negara has also fined three other companies for similar breaches of the Financial Services Act. The three companies are Mandiri International, with a fine of RM134,400; MPI Generali Insurance, with a fine of RM260,000 and I-Serve e-commerce and six of its affiliates with a fine of RM50 million.
