BNM Fines Merchantrade and JAGS Money Over Sanctions Screening Lapses

Quick Summary:

Bank Negara Malaysia (BNM) has fined Merchantrade Asia and JAGS Money for failing to comply with sanctions screening requirements under the Money Services Business Act 2011 and related anti-money laundering policies.

Merchantrade was penalised RM29,000 on 6 March 2025 for oversight in sanctions screening procedures and delays in updating its sanctions database following the publication [...]

The post BNM Fines Merchantrade and JAGS Money Over Sanctions Screening Lapses appeared first on Fintech News Malaysia.

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Article Details

Category: StartupsBusinessTechnology

Markets: Malaysia

Topics: Bank Negara Malaysia Merchantrade Asia Merchantrade Regtech/Regulation JAGS Money

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-05 @ 02:11:34 (21 hours ago)

News Timezone: GMT +8:00

News Source URL: fintechnews.my

Language: English

Article Length: 235 words

Reading Time: 2 minutes read

Sentences: 10 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Fintech News Malaysia

News ID: 28384641

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About Fintech News Malaysia

Main Topics: StartupsBusinessTechnology

Official Website: fintechnews.my

Update Frequency: 3 posts per day

Year Established: 2017

Headquarters: Malaysia

News Last Updated: 5 days ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #74

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