Kuala lumpur: Bank Negara Malaysia (BNM) has imposed administrative monetary penalties on The Pacific Insurance Bhd (TPIB) for breaching a requirement under the Financial Services Act 2013 and on Wang S Enterprise Sdn Bhd for non-compliance with the Money Services Business Act 2011.

According to BERNAMA News Agency, BNM stated that a RM336,000 administrative monetary penalty was imposed on TPIB on May 28, 2026, for failing to comply with the requirement to have an approved chief executive officer (CEO) at all times. The CEO position at TPIB was vacant between November 21, 2024, and March 23, 2026, which prompted the penalty.

BNM attributed the breach to TPIB's inadequate succession planning, which led to its inability to identify and submit a suitable CEO candidate application for approval in a timely manner. However, TPIB implemented controls during the vacancy period to ensure no material disruption to its operations, including appointing a representative and maintaining continuous oversight by the board. TPIB has since appointed a CEO effective March 24, 2026, with BNM's approval, and settled the RM336,000 penalty on June 9.

In a separate action, BNM imposed a RM16,000 administrative monetary penalty on Wang S Enterprise, a money services business licensee, for failing to submit statistical information within the stipulated timeline. BNM emphasized that timely submission of statistical information is essential for its risk monitoring, statistical publications, and policymaking. The penalty decision considered the number of non-compliances and the licensee's historical compliance records.

Wang S Enterprise has paid the penalty imposed by BNM and has taken steps to rectify the lapses, including submitting outstanding reports. BNM stated that both enforcement actions align with the approach and processes outlined in its published Enforcement Approach.