Bank Negara Malaysia has imposed a fine or penalty on Setel Ventures Sdn Bhd, the manager behind the Setel application which is synonymous with filling up petrol at Petronas, as well as being used as a digital wallet. The fine on Setel was imposed for failing to comply with the requirements related to targeted financial sanctions by Setel.
Setel was fined RM637,000 for this failure. This included failing to update the sanctions database as soon as the Domestic List was published. BNM stated that this non-compliance was due to weaknesses in Setel’s standard operating procedures and sanctions screening system.
Setel made this payment in May 2026. BNM also informed that Setel has undertaken remedial measures by updating and fixing weaknesses in its standard operating procedures, as well as improving its internal systems to continue to ensure compliance with the requirements that have been set – especially regarding targeted financial sanctions.
