The fines were imposed after the insurers failed to properly update and check their sanctions screening systems.
PETALING JAYA: Bank Negara Malaysia has imposed a total of RM1.56 million in penalties on two Zurich insurance companies for failing to follow rules on financial sanctions screening.
BNM said Zurich General Insurance Malaysia Bhd (ZGIMB) was fined RM1.04 million, while Zurich General Takaful Malaysia Bhd (ZGTMB) was penalised RM520,000 for non-compliance detected on Jan 19.
In a statement today, it said both companies failed to update their sanctions database after the publication of a new sanctions local list, and did not properly screen all customers.
They failed to fully check and confirm whether flagged customers were true matches, it said.
Read more: BNM fines Zurich units RM1.56mil over sanctions breaches
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