Bank Negara Malaysia had, on 29 December 2022, imposed an Administrative Monetary Penalty of RM260,000 on MPI Generali Insurans Berhad for non-compliance with the Financial Services Act 2013 read together with the Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions policy document.
On 26 June 2020, MPGB reported to the Bank on the onboarding of a sanctioned person due to the delay in real-time screening of MPGB’s customers against the Domestic and United Nations Securities Council Resolution List. This is in breach of subsection 48(1) of the act.
The AMP amount was determined by considering relevant aggravating and mitigating factors, which include assessment of MPGB’s controls, first-time non-compliance of a similar nature by MPGB, and actions taken to address the breaches.
Additionally, the Bank had also directed MPGB to undertake a comprehensive review of its sanction screening processes, and MPGB has since addressed the supervisory concerns satisfactorily. MPGB paid RM260,000 for the AMP imposed by the Bank on 6 January 2023.
