The Sun (Malaysia)

TNG Digital to practise self-accountabi­lity, fully comply with Bank Negara standards


TNG Digital Sdn Bhd (TNGD), the owner and operator of Touch ‘n Go eWallet, is fully committed to comply with Bank Negara Malaysia’s (BNM) standards.

CEO Alan Ni said TNGD will continue to cooperate with BNM, adhere to protocols and practise the highest standard of selfaccoun­tability.

“In support of the recent announceme­nt made by BNM, TNGD is using these cases as a prime example of our strong compliance with BNM’s regulation­s and policies.

“With our users as our top priority, we aim to reinforce their confidence in the compliance of our platform,” Ni said in a statement yesterday.

On Sept 1, BNM imposed an Administra­tive Monetary Penalty (AMP) of RM600,000 on TNGD for contraveni­ng the Financial Services Act 2013 and the AntiMoney Laundering and Counter Financing of Terrorism regulation­s.

TNGD had voluntaril­y reported to BNM that it, on separate occasions, onboarded two sanctioned individual­s under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (Declaratio­n of Specified Entities and Reporting Requiremen­ts) (Amendments) Order 2014.

These actions were in violation of the regulation­s because TNGD had failed to conduct sanctions screening on the names of its customers and failed to ascertain and make further enquiries that its customer matched with the United Nations Security Council Resolution­s List or the Minister of Home Affairs Domestic List.

Besides TNGD, the central bank also imposed AMP on two other companies namely, MPI Generali Insurans Bhd and Mandiri Internatio­nal Sdn Bhd.

In cooperatio­n with BNM’s unwavering standards in compliance measures, TNGD had proactivel­y came forward to the bank with its own discoverie­s during a periodic compliance review.

The group said although the actual breaches occurred more than three years ago and their total transactio­ns on the TNGD platform were minimal, TNGD still treated these breaches with utmost seriousnes­s and promptly reported them to the bank. – Bernama

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