Bank Negara Malaysia (BNM) imposed a RM520,000 fine on AEON Credit over failures tied to targeted financial sanctions checks.
The action followed an on-site supervisory examination, which found that AEON Credit had onboarded a customer listed as a specified entity under Malaysia’s Domestic List.
As a reporting institution, AEON Credit must reject potential customers who match names on the Domestic List or the United Nations Security Council Resolutions List, and freeze their funds once their identity is confirmed.
BNM found that AEON Credit failed to reject the customer despite a positive match and delayed freezing the account after confirmation.
The central bank attributed the breaches to weak staff oversight and gaps in AEON Credit’s standard operating procedures.
AEON Credit has since strengthened its procedures and carried out refresher training for relevant staff.
BNM based the penalty on the severity of the breaches, AEON Credit’s lack of reasonable care, its past compliance record and the remedial steps taken after the incident.
AEON Credit paid the RM520,000 fine on 16 April 2026.
Featured image: Edited by Fintech News Malaysia, based on image by nikosobolev89 via Magnific
