Setel has addressed the regulatory breaches behind its RM637,500 penalty, with Petronas Dagangan reporting that no customer funds or transactions were affected.
The response was issued after Bank Negara Malaysia (BNM) penalised Setel for failing to comply with targeted financial sanctions requirements.
The regulator found that Setel had not promptly updated its sanctions database following the publication of Malaysia’s Domestic List.
It also failed to screen customers against the list and determine whether potential matches were genuine.
Petronas Dagangan stated that Setel identified the issues through internal reviews in late 2023 and reported them to BNM.
The company continued to engage with the regulator throughout the review.
BNM attributed the failures to weaknesses in Setel’s standard operating procedures and sanctions screening system.
The penalty was imposed on 15 April 2026 and paid on 6 May.
Setel has since strengthened its internal processes and controls to prevent similar failures.
Setel is a BNM-regulated non-bank electronic money issuer offering mobile payments for fuel, parking and other vehicle services.
Featured image: Edited by Fintech News Malaysia, based on image by smmedia.io via Magnific
