The report has in super-bold the words "AEON Bank allegedly ignored at least 14,639 flagged transactions."

The report says "According to the FSA, AEON Bank ignored at least 14,639 flagged transactions between June and November 2023 and between July and September 2024 without making necessary judgments on whether they should be reported as suspicious."

Remember that: we'll get back to it.

AEON was for years the in-house card for a chain shops. When Malaysia's Bank Negara signalled a willingness to allow the development of, for want of a better word, Neo Banks, AEON was quick out of the gate and it set about recruiting senior people from across the established sector.

And it made its presence felt by announcing itself as "Malaysia's First Digital Islamic Bank."

AEON Bank is owned by Aeon Financial Services Ltd of Japan and Aeon Credit Services (M) Bhd of Malaysia, both of which are owned by Japan's AEON Group.

The bank was launched in May 2024.

WHAT?

Well, here's the thing. The headline is fake news. The action by Japan's regulator is recorded as an administrative action on the FSA's Website here: https://lnkd.in/gG6dRt97 and it refers to failures before the Malaysian bank was formed and, in fact, does not mention Malaysia at all.

The action relates to AEON Bank, Ltd. (corporate number: 1010601032497) a Japanese corporation.

So, first, dear reader, check your computerised risk assessments: they will include false data. Correct the error and any adverse action taken as a result.

Secondly, whisper a quiet thanks to whatever you believe in that, this time, it wasn't your company that has been inadvertently maligned.

And third: maybe send a message to the CEO, Raja Teh Maimunah, saying you know it's been a mistake and you are taking steps to make sure that the bank she manages doesn't get an elevated risk status for, for example, correspondent banking.