Setel has taken remediation measures following Bank Negara's findings
Setel Ventures, a subsidiary of Petronas Dagangan, has implemented remediation measures following a regulatory review by Bank Negara Malaysia. The company paid a monetary penalty for failing to update its sanctions database in a timely manner.
Why it matters
It highlights the importance of regulatory compliance for fintech and e-money issuers in the evolving digital financial landscape.
KUALA LUMPUR: Petronas Dagangan Bhd ’s subsidiary, Setel Ventures Sdn Bhd (Setel), has implemented the necessary remediation measures to address gaps identified in regulatory findings by Bank Negara Malaysia (BNM), while further strengthening its internal processes and controls.
In a statement today, the company said Setel proactively reported these findings to BNM and has since maintained close and constructive engagement with the regulator throughout the review process.
"The matters relate to items identified through Setel's internal reviews in late 2023. Importantly, these matters did not involve any customer transactions or impact customer funds.
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