Zurich Malaysia hit with penalties over compliance gaps

Zurich General Insurance and Zurich General Takaful Malaysia were separately fined in January.

Zurich Malaysia said it acknowledges sanctions issued by the central bank related to its 2022 screening process.

Zurich Malaysia said that it has been working closely with the BNM to address the gaps and that it has taken the necessary actions to further strengthen oversight, according to a statement published in May.

In April 2026, the Bank Negara Malaysia announced that it imposed administrative penalties of MYR1.04m on Zurich General Insurance and MYR520,000 on Zurich General Takaful Malaysia last January for failure to comply with requirements relating to targeted financial sanctions.

The two firms paid their penalties on 26 January.