KUALA LUMPUR (Aug 27): Standard Chartered described its breach of targeted financial sanctions requirements in Malaysia as an isolated incident, following fines imposed by Bank Negara Malaysia (BNM).

The bank stressed that it takes its regulatory obligations seriously and accepts BNM’s decision to fine Standard Chartered Bank Malaysia Bhd and its Islamic banking arm, Standard Chartered Saadiq Bhd.

“We have since conducted a thorough review and strengthened the reporting process,” Standard Chartered said in a statement.

The bank added that it would continue to work closely with BNM and fully adhere to the central bank’s standards.

BNM ordered Standard Chartered Bank Malaysia and Standard Chartered Saadiq to each pay RM132,000 for failing to immediately update their sanctions databases after the publication of the domestic list.

The domestic list comprises names and entities designated by the government under laws relating to anti-money laundering, counter-terrorism financing and proceeds of unlawful activities. Standard Chartered paid the fines on June 15.

Setel, the fuelling and mobility app owned by PETRONAS Dagangan Bhd (KL:PETDAG), was also fined RM637,500 for a similar offence.

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