TNG Digital which was imposed an Administrative Monetary Penalty by Bank Negara for non-compliance with the Financial Services Act recently, said it had thoroughly complied with the authority and in fact, it was the company that brought the matter up despite the breach taking place 3 years ago.
The company said even though the actual breaches occurred more than 3 years ago and their total transactions on the platform were minimal, TNGD still treated these breaches with utmost seriousness and promptly reported them to the Bank.
In the company’s report submitted to BNM, it informed the Bank of the discovery made regarding sanctioned users. The company also conducted a thorough review and made improvements to the internal procedures and systems to prevent future occurrences.
Given its significant reliance on a base of over 21 million users that rely on the platform for their daily transactions, the company said it promptly reported these two cases that contravene the Financial Services Act 2013.
Alan Ni, CEO of TNG Digital Sdn. Bhd., highlighted, “In support of the recent announcement made by Bank Negara Malaysia, 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. We will continue to cooperate with
Bank Negara Malaysia, adhere to protocols, and practice highest standard of self-accountability.”
