Malaysia's central bank said on Wednesday that it has fined AEON Credit Service (M) Berhad MYX:AEONCR 520,000 ringgit ($125,665) for breaches of targeted financial sanctions.
AEON Credit, a Malaysian unit of Japan's Aeon Co TSE:8267, has since taken remedial measures and conducted refresher training for relevant staff to ensure compliance, Bank Negara Malaysia (BNM) said in a statement.
AEON Credit had allowed a sanctioned entity to open an account with the company, BNM said, without naming the entity.
The firm also delayed freezing the account despite confirmation that the customer was on a domestic sanctions list, BNM added.
"These breaches were attributed to lack of staff oversight and (a) gap in AEON Credit’s standard operating procedure," the central bank said.
It said AEON Credit paid the fine on April 16.
($1 = 4.1380 ringgit)