KUALA LUMPUR – Petronas Dagangan Bhd’s subsidiary Setel Ventures Sdn Bhd (Setel) has implemented remediation measures to address gaps identified in regulatory findings by Bank Negara Malaysia (BNM), while enhancing its internal processes and controls.
In a statement today, Petronas Dagangan said Setel had proactively reported the findings to BNM and maintained close engagement with the regulator throughout the review process, Bernama reported.
“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.
“These enhancements have been fully embedded into current operations to ensure continued alignment with regulatory expectations,” it said.
Petronas Dagangan said Setel, which is regulated by BNM as a non-bank electronic-money (e-money) issuer, remains committed to complying fully with regulatory requirements while maintaining the confidence and trust of its customers and stakeholders.
Reports yesterday stated that BNM had imposed a RM637,000 administrative monetary penalty (AMP) on Setel on April 15, 2026, for failing to immediately update its sanctions database following the publication of the Domestic List.
The central bank attributed the breaches to gaps in Setel’s standard operating procedures (SOP) and sanctions screening system.
Setel paid the RM637,500 AMP on May 6. – August 27, 2026