Last week, I highlighted three of what I felt were important obligations and responsibilities of a Reporting Institution (RI), in this case, banks under Bank Negara Malaysia's (BNM) AML/CFT guidelines, which were Transaction Monitoring, Record Keeping and Suspicious Transaction Reporting (STR). Today, we will explore the training requirements as stated in BNM's guidelines on AML/CFT. Training is an important subject because all the policies and processes and procedures in the

Last week, I highlighted one of the main obligations and responsibilities of a Reporting Institution (RI), in this case, banks under Bank Negara Malaysia's (BNM) AML/CFT guidelines, which was Customer Due Diligence (CDD). Today, I will highlight the following areas which I personally feel are important areas in BNM's guidelines: transaction monitoring; record keeping; suspicious transaction reporting A. Transaction Monitoring Section 25: Management Information Systems (MIS) R

A Malaysian bank (or called Reporting Institution, RI) will follow the guidelines provided by BNM for Banking and Deposit Taking Institutions (Sector 1). In today's post, I will detail a few of the key sections of these guidelines for your information. (My summary and paraphrase PLUS excerpts) Section 13: Customer Due Diligence (CDD) 1. CDD is required to be conducted by the Bank when: signing up a customer; providing money changing / wholesale currency business for transacti

Regulation In the country of Malaysia, the relevant legislation / regulation for AML/CFT is called the Anti-Money Laundering Anti Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA) . Some key areas in the legislation that are worth noting, from my personal point of view (and my paraphrase), for banks generally are: Section 4: Definition of Money Laundering offence by a person or employee in their course of work; Section 12: Premitted disclosure and