What remedial steps has AEON Credit taken to prevent future sanctions compliance issues?

Question

Accepted Answer

AEON Credit has enhanced its procedures and conducted staff training to address sanctions compliance.

AEON Credit Service (M) Bhd has implemented remedial measures following a penalty from Bank Negara Malaysia (BNM) concerning targeted financial sanctions (TFS) compliance. These steps include updating its Standard Operating Procedure (SOP) and providing refresher training for its staff. These actions are intended to prevent future breaches and ensure adherence to TFS requirements.
Enhanced Standard Operating Procedures

AEON Credit has revised its Standard Operating Procedure (SOP) to strengthen its compliance framework. This enhancement was a direct response to identified gaps in its procedures, which contributed to the failure to prevent a specified entity listed on the Domestic List from becoming a customer and a delay in freezing the customer's account. The updated SOP aims to ensure that such instances are not repeated.
Refresher Training for Staff

In conjunction with the SOP enhancements, AEON Credit has conducted refresher training for its relevant personnel. This training is designed to re-educate staff on the critical importance of complying with Targeted Financial Sanctions (TFS) requirements. By reinforcing knowledge and awareness, the company seeks to improve staff oversight and diligence in identifying and managing potential sanctions risks.
Addressing Past Non-Compliance

The administrative monetary penalty of RM520,000 was imposed by Bank Negara Malaysia after an on-site examination revealed that AEON Credit failed to reject a potential customer who matched a specified entity on the Domestic List. Furthermore, there was a delay in freezing the customer’s account once the match was confirmed. These breaches highlighted a lack of staff oversight and deficiencies within AEON Credit's operational procedures.
Commitment to Future Compliance

Bank Negara Malaysia has emphasised its expectation that all reporting institutions must strictly adhere to TFS requirements. The central bank indicated that appropriate supervisory and enforcement actions will be taken against any institution failing to meet its legal and regulatory obligations. AEON Credit's implemented remedial actions, including SOP enhancements and staff training, are considered in its post-misconduct behaviour to prevent the recurrence of such breaches.

Reading history

Hide →

This history is cleared when the page is closed.

What remedial steps has AEON Credit taken to prevent future sanctions compliance issues?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends